Bangladesh News Bangladesh - China Relation

[Zapper]

In China no one cares abou this "Quad" and 99% of the population don't even know it. What this "Quad" thing can really do to China anyway?

99% of the chinese population don't even know there's been a few Indo-Chinese tussles last year between our troops in Ladakh...let alone "Quad"

 

[xizhimen]

Then why did your ambassador warn us?

I don't know, maybe in his particular position, he speaks out his concern. but the general public don't care and very few people even know this quad, even I wonder what this quad can do to China anyway?

 

[Isa Khan]

Thread reopened for discussion. Kindly refrain from bickering, bantering or discussing any off-topic.

 

[Isa Khan]

Quad and Bangladesh-China relations​

I took part in a meeting to exchange views on 10 May at the invitation of the foreign minister. Around 20 to 25 people including former diplomats, professors of international relations departments of different universities and civil society members like me attended the meeting organised at the ministry’s training centre.

Foreign minister AK Abdul Momen was the chief speaker. He gave a picture of what the foreign ministry's thoughts about the present and the future challenges regarding the foreign policy. He insisted that Bangladesh is still continuing Bangabandhu’s foreign policy of “friendship with all, malice to none.”

An open discussion was held on the challenges Bangladesh might face in this and the next decade. I think the main challenges for Bangladesh at this moment are: 1. Facing the Rohingya crisis and relations with Myanmar, 2. Quad and the Indo-Pacific Strategic Alliance, and 3. Future of Bangladesh’s “previous policy”.

When this discussion was going on, probably at that time or just ahead of that time, China’s ambassador to Bangladesh Li Jiming told a media briefing in Dhaka that Bangladesh’s relations with China will be “substantially damaged” if Bangladesh joins the US-led initiative, Quad. Reacting to this, foreign minister Momen unequivocally said such speech is unwarranted and an interference into Bangladesh’s foreign policy. Independent Bangladesh’s policy was independent.

The Chinese ambassador, however, later said he made a mistake in choosing words. But he did not withdraw his statement. In the presence of China's state councilor and foreign minister Wang Yi, the ministry’s spokesperson Hua Chunying made statement in this connection. Though he insisted that China did not interfere in the domestic affairs of a country, he did not say anything about withdrawing the statement of the ambassador. Above all, Chinese ambassadors do not generally remark on anything without getting a go-ahead.

However, it is common knowledge that the anti-China alliances, Indo-Pacific Strategic Alliance and Quad, knows that among the South Asian countries only India is a partner of the alliance. No other country has so far joined the alliance. India is an important member of Quad and in terms of army and naval power, India is regarded as just after China. Three other members of the alliance are – Australia, Japan and the US, which is the main power of this alliance. From the very outset, the US has been opposing the policies of Chinese Communist Party and the rising power of China.

On the other hand, India is the only neighbour of China in the north. Despite having commerce relations with India, there has been a geopolitical tension between the two countries since the very beginning of the Communist party’s government (1948) over Communist ideology and Tibet. After the India-China war in 1962, five principles of peaceful coexistence, known as the Panchsheel Treaty between the two countries collapsed.

The problem turned into a crisis since China’s occupation of Tibet and Dalai Lama took shelter in India. Recently, relations between India and China worsened further. There was a brief spell of clashes at Galwan valley in Ladakh in May 2020 and the whole world became aware of it. Currently, the escalation at the valley and India-China border is quelled.

India has built up a strategic alliance with the US in 1991. As a result, armed forces of the two countries have been organising joint exercises. We could mention about the joint drill, Malabar, of the US and Indian navy and air forces in the Indian Ocean and Pacific Ocean. For long, India and the US have been trying to persuade all other South Asian nations except Pakistan to join Quad. Diplomatic steps to decrease the influence of China in other countries are also visible.

Due to Bangladesh’s geographical location, and economic and military closeness with China the country is very important to the Quad members, especially India and the US. Among the other countries, Nepal is now within the influence of China. No other South Asian country or Southeast Asian country has joined the military alliance, the so-called ‘Nato of the East’, nor expressed any desire to do so. Even Singapore has not responded in this regard. There's a rumour that Vietnam and Indonesia might join the Quad.

International experts and analysts, especially many Indian military experts, believe Bangladesh Navy will not be able to make any tangible contribution even if it joins Quad. No one other than Japan and the United States can cooperate in economic activities in the Quad. Bangladesh's economic cooperation with Japan started after independence. Yet Japan is still the top country as an investment and economic partner. However, China is rapidly reducing this gap. India is economically weaker than Japan and China, especially due to the Covid-19 pandemic.

Despite all this, US pressure was visible towards the end of the last Trump administration. The then Deputy Secretary of State Stephen Beigun paid a brief visit to Dhaka and gave hints in a following press briefing. The pressure continues till now. On the other hand, the visit of Indian foreign minister and Chief of Army Staff to Bangladesh earlier this year is quite significant.

According to many experts, the aim of the visit was to discuss Quad. Chinese defence minister general Wei Fenghe paid a surprise visit to Bangladesh following the activity and raised the issue of Quad with the president. It is believed that the statement of the ambassador from China was resulted from those series of incidents. Even if Bangladesh does not join the Quad, this is a joint effort by India and the United States to prevent China from increasing its activities on the Bangladesh coast and using ports.

On the other hand, China is keen to keep Bangladesh on the platform for emergency storage of Covid vaccine for South Asia. There is no discussion about its implementation yet, though. However, there is no doubt that the Quad has created challenges in the diplomatic arena of Bangladesh. So far Bangladesh has been able to maintain equal distance with great success. It will be better for Bangladesh to continue it in the future as well.

* Sakhawat M Hossain is an election analyst, former army officer and senior research fellow at SIPG.

Quad and Bangladesh-China relations

An open discussion was held on the challenges Bangladesh might face in this and the next decade

en.prothomalo.com

 

[Isa Khan]

Chinese ambassador in Dhaka Li Jiming said on Wednesday that his country is interested in investing for the construction of a high-speed train line between Dhaka and Chattogram, and in building 5G network infrastructures in Bangladesh.

The investment can be made through the government-to-government deal or through Public-Private Partnership, he said during a webinar jointly arranged by Economic Reporters’ Forum and BangladeshChina Chamber of Commerce and Industry.

Policy Research Institute research director Abdur Razzaque, who presented the keynote paper on ‘Bangladesh-China economic and trade relations in the aftermath of the Covid-19 global pandemic,’ said that there were opportunities for Bangladeshi businessmen for increasing exports to China.

Prior to the Covid-19, China’s exports of goods and services were $2.69 trillion and imports were $2.48 trillion, he said.

Razzaque said 1 per cent market share in China to generate an additional $25 billion export earnings by 2030 for Bangladesh.

In 2018-19, the value of bilateral trade between Bangladesh and India was about $15 billion with Bangladesh’s exports to China being less than $1 billion.

Razzaque recommended measures like signing a free-trade agreement and attracting higher investment from China for the country’s trade benefit.

Appreciating the keynote speaker, Li hoped that duty and quotafree offer for more than 8,000 products since July 2020 would be utilised Bangladesh to reduce trade imbalance tilted heavily towards China.

He said that the signing of the proposed freetrade agreement largely depended on policy response from Bangladesh.

Responding on Li’s comment, Bangladesh commerce minister Tipu Munshi said that the proposed FTA since 2016 needed more review.

He said that the present government gave utmost priority to its relations with neighbouring and regional friendly countries like China while the relationship between the two countries has developed significantly on the basis of mutual trust and interests.

Bangladesh Investment Development Authority executive chairman Md Sirazul Islam and Bangladesh ambassador to China Mahbub Uz Zaman also spoke on the occasion.

Sirazul Islam said that BIDA would facilitate and expedite investment from Chinese investors.

He noted that it would be a real game changer if Bangladesh could tap the potential Chinese market while supplementing the Razzaque view.

Sirazul hoped that the Chinese investors could take the opportunity to invest in Bangladesh and thus export to China.

Mahbub said the Bangladeshi knitwear and jute were poised to take advantage from the duty-free and quotafree market access in China.

He also said the Bangladesh and Chinese entrepreneurs could engage in joint venture and thus go for exports to third countries.

BCCCI president Gazi Golam Murtoza presided over the event while ERF general secretary SM Rashidul Islam moderated the function.

China wants to invest in Dhaka-Ctg high-speed train

Chinese ambassador in Dhaka Li Jiming said on Wednesday that his country is interested in investing for the construction of a high-speed train line between Dhaka and Chattogram, and in building 5G network infrastructures...

www.newagebd.net

 

[Isa Khan]

In a major development, Bangladesh has requested China to fund five new projects having an estimated outlay over US$ 1.65 billion, replacing five existing projects worth over $5.26 billion against which two countries had signed aMoU during the visit of Chinese President Xi Jinping in 2016.

The list of five proposed new projects includes the much-talked-about 'Teesta River Comprehensive Management and Restoration' project, for which Bangladesh has sought funding worth $725.09 million, according to sources in the Ministry of Finance.

Bangladesh had previously sent a primary proposal, seeking $983 million fund last year for the Teesta project, to be implemented by the Ministry of Water Resources.

When the FE had broken the news about Bangladesh's request for fund for the Teesta project in June last year, it evoked huge interest in the diplomatic circle, especially in India. Many Indian analysts criticised the proposal, considering it a move to invite China in its backyard. A leading Indian daily put the news headlined 'Dhaka's Chinese Chequers on Teesta put Delhi on back foot'.

Chinese Ambassador Li Jiming recently said China was interested in Teesta River restoration project after examining its detailed feasibility study.

Chinese involvement in the project would be 'seriously considered' once Bangladesh submitted a feasibility report, he said, adding that the Bangladesh government was yet to formally propose China to take part in the project.

"I think it is the legitimate right of Bangladeshi people to take this kind of project within the lower reach of a shared river," he said responding to a question by the FE.

"If the project is taken in the upper reaches, you would have to consult opinions of the countries from the lower reaches. But as you are taking it in the lower reaches, I don't think there are any sensitive issues," he added.

In the latest proposal, Bangladesh seeks fund for the Teesta project, replacing the Dhaka-Sylhet four-lane highway project, for which the country previously sought $2,110 million.

Relevant circles here tend to think that the delay in signing the deal on water sharing of the Teesta River prompted Bangladesh to implement the project seeking Chinese fund.

Bangladesh finalised a draft in 2011 for signing the deal during the then Indian Prime Minister Manmohan Singh's Dhaka visit. But it could not be inked due to the last minute opposition from the West Bengal government.

Bangladesh plans to build over 100 km embankments along both sides of the river, from upstream of the Teesta barrage near the border with India to the confluence with the Brahmaputra.

Meanwhile, according to the latest proposal, Bangladesh sought $120 million for Dasherkandi STP catchment project, $210 million for Sheikh Hasina Institute of Information Technology and Hi-tech Park project, $250 million for 12 vessels and tankers for transporting oil, and $354 million for Construction of hi-tech bridge on rural roads project. Bangladesh said these projects would replace the five projects, which would be excluded from the list of 27 projects, for which the MoU - 'Investment and Production Capacity Cooperation between China and Bangladesh' - was signed between the two countries in 2016.

The projects which will be excluded from the list are - Extension of Barapukuria coal-mine project worth $256.41 million, Gazaria 350-MW coal-fired power plant worth $433 million, Dhaka-Sylhet four-lane highway project worth $2,110 million, Jute mill modernization project worth $280 million, and Prepaid metering project worth $521 million.

Dhaka moves ahead for implementing Teesta project with Chinese assistance

In a major development, Bangladesh has requested China to fund five new projects having an estimated outlay over US$ 1.65 billion, replacing five existing projects worth over $5.26 billion against which two countries had signed aMoU during the visit of Chinese President Xi Jinping in 2016. The lis

thefinancialexpress.com.bd

 

[Isa Khan]

Bangladesh and China should soon sign a comprehensive bilateral Free Trade Agreement (FTA) for boosting exports to the Chinese market, Chinese Ambassador to Bangladesh Li Jiming said on Wednesday.

Speaking as a special guest, Jiming said both nations should consider an FTA combined with an investment deal.

The discussion, titled “Bangladesh-China Economic and Trade Relations in the aftermath of the COVID-19 Global Pandemic,” was organized jointly by Economic Reporters’ Forum (ERF) and Bangladesh China Chamber of Commerce and Industry (BCCCI).

Commerce Minister Tipu Munshi, who attended the virtual discussion as the chief guest, said though there has been some progress towards signing an FTA with China, more efforts are needed to conclude the negotiations and materialize the agreement.

"I believe this will help Bangladesh face the challenges of LDC graduation," he said.

Executive Chairman of Bangladesh Investment Development Authority (BIDA) Md Sirazul Islam and Bangladesh Ambassador to China Mahbub Uz Zaman also joined the event as special guests.

Eminent trade economist Mohammad Abdur Razzaque presented the keynote paper at the discussion.

The bilateral trade between the two countries heavily favours China.

Out of around $12.09 billion bilateral trade in FY20, Bangladesh's export to China only accounted for $0.60 billion while imports from China added up to a mammoth $11.49 billion.

Minister Tipu said as part of its unilateral market access schemes for LDCs, China has allowed duty-free access to Bangladesh for 97% of its tariff lines which became effective from July 1 last year.

Under this initiative, 8,256 Bangladeshi products enjoy zero tariff facility for exports to this market.

"I strongly believe that by fully utilizing this DFQF [duty-free, quota-free] facility, the trade imbalance can be reduced to a greater extent."

The commerce minister said Bangladesh gives utmost priority to its relations with neighbouring and regional friendly countries like China while the relationship between the two countries has developed robustly based on mutual trust and interests.

Ambassador Jiming said both the entrepreneurs and businesses of China and Bangladesh suffered from the pandemic as the bilateral trade witnessed a fall of 13.6% last year from 2019.

He, however, termed attainment of Bangladesh's 6.1% GDP growth in the outgoing fiscal year as "very encouraging".

The Chinese ambassador said although there is a huge trade imbalance, there will be more exports from Bangladesh to China in the coming days.

He said he was fully confident that under the Chinese Belt and Road Initiative, there will be more areas of cooperation in different fields like 5G communication, high-speed railway as well as the G to G and PPP initiatives.

BIDA Executive Chairman Md Sirazul Islam said that the authority would facilitate and expedite investment from Chinese investors. "We want to see more FDI from China. BIDA is always ready to support investment promotion and policy advocacy,"

He said it would be a real game changer if Bangladesh could tap the potential Chinese market.

"If we can explore even 1% potential of the Chinese market, then the exports of Bangladesh to China will total $25 billion."

Ambassador Mahbub Uz Zaman said there is an excellent platform for cooperation between the two countries for further consolidating the bilateral relations.

"Chinese investments to Bangladesh have been playing an important role and have also been contributing towards employment generation," Mahbub said adding that the Chinese investors are looking forward to invest in the special economic zones in Bangladesh.

Razzaque suggested that Bangladesh increase its RMG exports to China. It can expand cooperation with China in artificial intelligence, robotics, and can set up a technological hub with China.

He said that establishing a full-fledged FTA is an option to retain the available market access in China, but it comes with reciprocity.

He said there are estimates to suggest that a comprehensive bilateral FTA would have an overall positive impact on Bangladesh’s exports by 22% of current exports to China.

On the other hand, Chinese exports to Bangladesh could increase by about 16%.

Any FTA deal with China should be backed by an investment agreement from which Bangladesh should be able to expand its exports and can keep bilateral trade deficits within reasonable, said Dr Razzaque.

ERF President Sharmeen Rinvy and Joint Secretary General of BCCCI Al Mamun Mridha delivered welcome remarks.

BCCCI President Gazi Golam Murtoza chaired the event while ERF General Secretary SM Rashidul Islam moderated the function.

Chinese ambassador: About time Bangladesh, China signed FTA with investment deal

Out of around $12.09 billion bilateral trade in FY20, Bangladesh's export to China only accounted for $0.60 billion while imports from China added up to a mammoth $11.49 billion

www.dhakatribune.com

 

[Isa Khan]

Bangladesh’s extended reach in garments exports has spearheaded its growth story, taking its GDP per capita beyond India’s. Part of that success has come from grabbing share from the Chinese in garment sales, although Bangladesh’s economy is also benefiting from a new wave of Chinese investment in local manufacturing, including an increasingly vibrant smartphone sector. Also underway: a series of major investments in the country’s energy and transport sectors under the auspices of the Belt and Road Initiative (BRI).

WiC spoke to Kevin Green, head of wholesale banking for HSBC in Bangladesh, for more on how trade and investment ties are deepening between the two markets.

Bangladesh is now a major garment exporter and has taken market share from China. Should we see the two countries as competitors in the sector?

In general terms some lower-value manufacturing has been moving out of China to lower-cost countries and that’s also been the case in the textiles and garment trade where Bangladesh has been very successful in winning new work, helped by a young and plentiful workforce.

Of course Chinese firms are still active in the supply chain in providing raw materials to some of the Bangladeshi producers. But partly as a result of the pandemic, more of the manufacturers here are looking to get fuller control of their supply chains and produce garments end-to-end. The role of Chinese imports is probably going to reduce as companies get more vertically integrated.

How has the Covid-19 situation impacted the Bangladeshi ready-made garment industry?

It started out with a supply shock when some factories in Bangladesh struggled to get hold of the fabrics and yarns they needed from suppliers in China because production there had been disrupted.

The situation then moved on to more of a demand shock in Western markets for the finished goods, when orders from Europe and North America were delayed or cancelled because of how the pandemic was affecting the retail trade.

Fortunately, business bounced back relatively well in the second half of the year, with the garment producers recovering most of their lost revenues.

What about now? Has the pandemic forced factories in Bangladesh to close?

The situation on the ground is that there has been a lockdown but the factories have continued to operate. Additionally, the government of Bangladesh has extended fiscal and policy support to exporters. There haven’t been major challenges from a local production standpoint and I am not hearing that our customers are having significant problems sourcing the materials they need from overseas either.

On the demand side, the markets they serve are opening up quite strongly as well. That’s important as the garment sector accounts for about 80% of Bangladesh’s export revenues.

Have Chinese companies invested in local manufacturing capacity? And is Bangladesh an attractive place to invest in general?

In recent years we have seen a step-up in Chinese FDI flowing into Bangladesh – China was the largest investor in Bangladesh in the years 2018 and 2019. While investment has come into sectors like energy infrastructure and construction, there is a lot of interest in the textile sector as well.

The government has also been very motivated in attracting foreign capital, setting up special zones to make it easier for overseas investors to get started.

One of the criticisms of Bangladesh in the past is that it has scored poorly on the ease of doing business but these zones try to take away some of these obstacles. The strategy started out with the creation of export processing zones but the focus is now moving to the next phase of economic and industrial zones, which will meet domestic demand, not just make goods for export.

The government plans to set up a hundred of these zones by 2030 and one of the largest is the Chinese Economic and Industrial Zone (CEIZ) near the port city Chattogram. It is dedicated to Chinese enterprises, which should incentivise companies to set up there.

Presumably HSBC is working with Chinese companies already doing business in the Bangladeshi market?

Yes, we have a dedicated ‘China Desk’ team that supports Chinese businesses coming to Bangladesh. In fact, HSBC was the first bank in the country to come up with this concept of a ‘China Desk’ manned by Mandarin-speaking staff, which gave a lot of comfort to Chinese businesses arriving in Bangladesh.

We help our clients with our knowledge of local regulations and our understanding of the local market, as well as offering services such as payments and cash management.

HSBC is the biggest trade bank in Bangladesh, with about 10% of the market in supporting imports and exports, and we have introduced innovative structured products in cross-border guarantees, supply chain finance and blockchain that didn’t exist previously in the local marketplace.

Our renminbi capability is also important in helping clients manage transactions between China and Bangladesh.

Which are the sectors in which Chinese firms are most active?

Mobile phone manufacturing is one of the examples. Nearly 30 million phones were sold here last year, with about half of the total manufactured by locally based producers, who benefit from tax incentives. This has been a factor in why Chinese smartphone makers are choosing to set up their own manufacturing bases in Bangladesh, because the local market is a big one with relatively low smartphone penetration.

It’s not just the Chinese coming to Bangladesh – companies like Samsung have also set up here as a way of selling into the local market.

This touches on a really important dynamic: Bangladesh’s large population and the trend of increasing domestic consumption. The country has a population of about 165 million people and the median age is young, only 28. Wealth is increasing quickly, with the economy growing more than 7% a year in the four years before the pandemic. A report from the Boston Consulting Group claimed recently that the ‘middle and affluent class’ is growing at 10.5% a year. Trends like urbanisation, smaller households and more women in the workplace are boosting consumption too.

Similar factors are shaping the internet sector, where Bangladesh now has 116 million internet subscribers. Chinese firms have been active here as well. We have seen the Chinese giants moving into the digital market space in the country through investments and acquisitions.

How about Chinese consumer electronics brands and those for household goods? Are they popular?

Chinese brands are widely available and accepted among the local consumers. However, they are increasingly facing competition from goods from other countries, as well as quite a strong local manufacturing base, which benefits from favourable government policies. Large local firms are focused on scaling up their operations and competing with imports from countries like China and India, for instance. The size of the domestic market has helped them to build substantial businesses, so the local competition for Chinese imports can be tough.

What about areas like the construction of new roads and power plants? Is there more reliance on Chinese firms for these?

Chinese companies are active in some of the major infrastructure deals, especially some of the priority projects of the Bangladesh government in the transportation, power, oil and gas, and telecommunications sectors.

Some of these deals are being funded by the Chinese under government-to-government arrangements. For instance China is making a major contribution to developing Bangladesh’s road, rail and bridge network. One of the main examples is the road-and-rail bridge over the Padma River, which is being built by a Chinese engineering firm.

There are also major investments in energy generation and Chinese contractors are helping Bangladesh to build out the power distribution network. Another future area of focus is improving the country’s ports, which should boost cross-border trade and the export sector.

Some of this investment falls under the auspices of the Belt and Road Initiative, can you speak on Bangladesh’s position?

Bangladesh joined the Belt and Road Initiative in 2016 and its government seems very open to Chinese investment. In addition, Bangladesh’s external debt ratios are much lower than most other countries in Asia and its foreign currency reserves are robust. That brings stability, which is part of the attraction for international investors in general.

So to sum up: Bangladesh is seeing major investment in its energy and transport infrastructure; there’s a growing focus on enhancing manufacturing capabilities in key sectors like garments and smartphones; and the wider economy is getting a boost from a young, dynamic and hard-working population, with increasing spending power. All of this is why HSBC is so confident about Bangladesh’s prospects, including its future trade and investment ties with China.

The lure of a young market |

Commercial ties between Bangladesh and China are growing rapidly

www.weekinchina.com

 

[Isa Khan]

Chinese Foreign Minister Wang Yi has said China will continue to support Bangladesh in safeguarding national sovereignty, independence and territorial integrity.

He also said China will uphold international fairness and justice and basic norm of non-interference in internal affairs in international relations of Bangladesh, according to a statement of the Chinese foreign ministry.

Yi made the statements when he and Bangladesh Foreign Minister AK Abdul Momen held a bilateral meeting in the Uzbek capital of Tashkent on the sideline of a conference on Central and South Asia Connectivity Challenges and Opportunities on July 15 hosted by Uzbek government.

This is significant as China is going ahead with its Belt and Road Initiative, which seeks to connect Asia with Africa and Europe via land and maritime networks with the aim of improving regional integration, increasing trade and stimulating economic growth.

Bangladesh has already joined the initiative.

On the other hand, the US also wants Bangladesh to join US-led Indo-Pacific Strategy (IPS), which seeks to ensure free and open Indo-Pacific and international rules upheld in maritime affairs.

China to continue to support Bangladesh in protecting national sovereignty: Wang Yi

Chinese Foreign Minister Wang Yi has said China will continue to support Bangladesh in safeguarding national sovereignty, independence and territorial integrity.

www.thedailystar.net

 

[Isa Khan]

Kaixi Fashion Bangladesh Co Ltd, a Chinese company, is going to establish a lingerie manufacturing industry in Dhaka Export Processing Zone with an investment of $6 million.

It will produce annually 24 million pieces of ladies' innerwear, while creating employment opportunity for 2,031 Bangladeshis, said a press release.

Member (Engineering & Investment Promotion-additional charge) of Bangladesh Export Processing Zones Authority (Bepza) Mohammad Faruque Alam and Managing Director of Kaixi Fashion Bangladesh Co Ltd Xiao Hongxi, signed the lease agreement on behalf of their respective organizations.

Bepza Executive Chairman Maj Gen Nazrul Islam was also present at the signing ceremony.

Among others, Member (Finance) Nafisa Banu, General Manager (Public Relations) Nazma Binte Alamgir, General Manager (Investment Promotion) Md. Tanvir Hossain, General Manager (Enterprise Services) Md. Khorshid Alam of BEPZA and General Manager (Dhaka EPZ) Md. Abdus Sobhan were present at the signing ceremony.

Chinese company to invest $6m in Dhaka EPZ

It will produce annually 24 million pieces of ladies' innerwear, while creating employment opportunity for 2,031 Bangladeshis

www.dhakatribune.com

 

[Isa Khan]

Bangladesh-China relations have further deepened during the pandemic, Foreign Minister AK Abdul Momen told Xinhua news agency.

"From the very beginning, they [China] have been very supportive," Momen said in an exclusive interview on the sidelines of the agreement-signing ceremony between Bangladesh and China on vaccine co-production on Sunday.

Xinhua published the interview yesterday.

The minister said, "We are very lucky to have a good friend like China."

When China was having difficulty during the early days of the Covid-19 outbreak, Bangladesh sent medical equipment, and later when Bangladesh got into trouble, the Chinese government, as well as some private companies there, also offered help to us, he added.

Dhaka, Beijing ties deepened in pandemic

Bangladesh-China relations have further deepened during the pandemic, Foreign Minister AK Abdul Momen told Xinhua news agency.

www.thedailystar.net

 

[Isa Khan]

Every year nearly a fifth of the goods Bangladesh buys come from China, but its exports to China remain below a dismal 1 percent of what the global economic superpower imports annually.​

For example, goods worth $11 billion of the total $50 billion annual imports were from China in the 2019-20 fiscal year. On the other hand, Bangladesh could only export goods worth $600 million to China, whose imports from other countries in that financial year totalled $2.4 trillion.

According to Bangladesh Bank and Export Promotion Bureau, China is among the top countries Bangladesh imports goods from, but it is the 15th on the list of export destinations.

For the last five years, the trade deficit ratio with the major trade partner of Bangladesh hovered between 1:10 and 1:20. Economists, however, suggest that Bangladesh can increase export to China several times over if only it makes full use of its current capacity.

That would require a greater focus from the local businesses, Bangladesh's branding in China, utilisation of the tax-free options and developing the qualitative standards including the testing labs.

Experts always ask if Bangladesh has the appetite to carve a niche for itself in the second largest economy of the world. Focusing on that point, the policymakers, business community, exporters and economists have been planning and preparing a stretegy to enhance Bangladesh's export to China.

Amid the yawning trade gap between the two countries, China has allowed tax-free import of 97 percent of Bangladeshi goods under its tariff line from July 2020.

The Chinese initiative will generate interest among Bangladeshi exporters and they will focus on goods that China is interested to buy, believes Commerce Secretary Tapan Kanti Ghosh. "Those lacking the capacity (in export trade) will work to enhance it," he said.

The tariff free offer will help narrow the trade gap down with China, exporters hope. They say they are continuing to plan and prepare to achieve the goal.

A small increase in overall partnership will fetch huge money for Bangladesh, Professor Abdur Razzak, director of Policy Research Institute, observed in a recent meeting.

Bangladesh can add $20 billion to $25 billion to its export earnings if it can capture only 1 percent of China’s import, according to him. This should be the goal for the next decade (2021-2030), he believes.

Razzak prepared a gravity model based on the current economic activities that shows the import to China can be pushed up to $4 billion from the current $1 billion in a matter of months.

Another study by the International Trade Centre shows Bangladesh is putting just 30 percent of its capacity to use to export goods and products to China. Cranking up the capacity and widening the export basket will create greater opportunities on the market in China.

WHAT EXPORTERS THINK

The biggest challenge in exporting products to China is their high productivity, said Faruque Hassan, president of the Bangladesh Garments Manufacturers and Exporters Association or BGMEA.

“To export our products to a country like China we must enhance our capacity and we are doing so every day. Besides this, China is slowly moving away from the readymade garment sector. This gave us a lot of hope.”

Faruque said they have a plan to connect the local garment factories to some Chinese fashion brands in the future.

China has the ability to bargain prices, which becomes a big challenge for Bangladeshi companies seeking to export goods, said Selim Reza, owner of Wahab and Sons, which exports jute and jute products to China. China has significant scope for bargaining as they have substantial connectivity with all other countries around the world, he said.

“It’s really hard to export there as we can’t make enough profit. Language is also a barrier to doing business with China and, in addition to this, many of their traders don't pay us regularly.”

But not all businessmen share Selim Reza’s view. Most Chinese traders do business fairly, they said.

ATTENTION REQUIRED

Bangladesh produces a very limited number of products that can be exported to China, said Mohammad Mansur Uddin, the commercial counsellor of Bangladesh in Beijing. Also, Bangladeshi businessmen are not utilising the opportunities they do have available, he said.

“China is hosting four international trade fairs this year but the presence of Bangladeshi companies is very low. In Shanghai, authorities will provide a free pavilion to some countries, but we’re unsure if Bangladeshi companies will be there.”

Bangladeshi companies must appoint a representative to China and open a branch office, even if it is small, he said.

“But Bangladesh companies are not paying proper attention. They can benefit by appointing Bangladeshi nationals, who reside in China for education or other purposes and know the local language, as part-time commercial agents.”

For Bangladesh, the readymade garment sector is the backbone of its export economy and the exporters are focused on Europe and the US as their main markets, which has led to them disregarding China’s potential as a market, said Additional Commerce Secretary Hafizur Rahman.

China also has a great demand for a number of products that Bangladesh does not have a capacity to produce, said Sohel N Wahid, an exporter. “This means we can export whatever quantity we produce. Therefore, we need to focus on increasing production,” he said.

There is no obstacle to exporting goods to China if Bangladesh increases production, said Wahid, who exported 400 tonnes of oil to China last year.

READYMADE GARMENTS RAISE HOPES

Bangladesh made significant progress in exports to China in the 2016-2017 fiscal with almost $1 billion in goods sent to the country. The imports from China was $10 billion in that period, pushing the trade deficit ratio to 1:10.

Bangladesh-China trade neared a record $15 billion in the 2018-2019 fiscal year. Bangladesh exported goods worth $831 million during that period.

Bilateral trade dropped to $12 billion in the next fiscal year as the coronavirus pandemic broke out. Bangladesh exported goods worth $600 million to China that year.

Every year Bangladesh exports 98 types of goods to China, with readymade garments making up 60 percent, according to the EPB.

The other products range from jute and jute thread, textile thread, fish, crab, Asian swamp eel, rawhide and leather goods, vegetables, tea, coffee, oil seeds, and animal fat.

But only 0.05 percent of the readymade garments imported by China comes from Bangladesh, said researcher Razzak.

Before the COVID-19 pandemic broke out, Bangladesh’s export growth to China remained around 7 percent, which is lower than those of its competitors Myanmar or Cambodia.

Currently, the readymade garments market in China is worth $322 billion and it is expanding rapidly. Soon it is likely to surpass the annual US market, which is worth $370 billion.

Bangladesh contributes 7 percent of knit garments and 8 percent of woven garments to China. Cambodia, India, Indonesia, Myanmar, Pakistan and Vietnam are strong competitors for Bangladesh in this sector.
Before the pandemic, Bangladesh made an average of 15 percent annual growth in exports to China in five years. During that period, the global export growth of Bangladesh stood at 7.4 percent. Cambodia, Indonesia and Vietnam had a faster growth rate.

"Besides cotton products, Bangladesh has focused on manmade fibre products in recent times. It will help us capture the Chinese market if we can enhance the capacity in this sector," said BGMEA President Faruque.
They are also trying to export comparatively cheaper products, he said.

"China has a demand for high-priced garments which is not possible for us to produce at the moment. Those are being made in different European countries and reaching China. For example, Armani products. The affluent class in China wear clothes made in France, Italy and the US."

DOES THE NEW TAX-FREE MEASURE REALLY HELP?

China has widened the export of duty-free goods but it did not expand the tariff line purview for the goods regularly exported from Bangladesh, said Kumkum Sultana, deputy director of EPB.
Most of the 98 types of products exported last year have been receiving a duty-free facility in China for a long time, she said.

Facilities in the export of fisheries and medicine, however, had some added advantages, she said.

"For fisheries, the duty-free option has increased tariff lines from 327 to 338. It is the same for medicines which increased from 88 tariff lines to 138."

TARIFF LINE

The tariff line for plastic goods, a prominent item exported to China, remains the same at 166 after the new tariff announcement in 2020.

No new addition was made to the 131 tariff line of knitwear, the 166 tariff line of woven garments and the 102 tariff line of home textiles.

At least four new products have been added to the 38 tariff line of leather shoes and footwear.
China kept the duty-free option for 37 tariff lines of ceramic wear, 525 of electronic goods, 11 lines of motorcycle, 62 lines of furniture unchanged.

The duty-free advantage in China’s tariff line has been increased to 97 percent from 61 percent in July last year, which is of course encouraging, said EPB Vice Chairman AHM Ahsan.

CRAB EXPORT RESUMES

Bangladesh earned $73.9 million by exporting live fish, crab and Asian swamp eel in the 2018-2019 fiscal year. The export of crab and eel, however, was halted for nine months in 2020-2021 due to the COVID-19 pandemic and flaws in the certification system.

Exports resumed on Jun 2, after the authorities fulfilled some conditions placed by China, including quality control and prevention of forgery of certificates, said Niaz Uddin, deputy director of the Department of Fisheries.

The products will be tested in the newly established laboratories prior to their export to China, which will ensure no complication arises, he said.

How equipped is Bangladesh to ramp up exports to China?

Every year nearly a fifth of the goods Bangladesh buys come from China, but its exports to China remain below a dismal 1 percent of what the global economic superpower imports annually.

bdnews24.com

 

[F-6 enthusiast]

Hope for a close partnership between the two military.

This article claims that a Defence Pact was signed between BD-PRC in 2002

China, Bangladesh sign landmark defence pact - Times of India

World News: BEIJING: A day after inking a landmark bilateral defence cooperation agreement, Chinese leaders on Wednesday described Bangladesh as "a reliable and t

timesofindia.indiatimes.com

 

[F-6 enthusiast]

GLOBALink | Life returns to Bangladesh seafood industry as exports to China resume​

Liu Chuntao 03/09/2021
http://a.msn.com/01/en-xl/AAO3s64?ocid=sf

GLOBALink | Life returns to Bangladesh seafood industry as exports to China resume

DHAKA, Sept. 3 (Xinhua) --Bangladesh has resumed exports of seafood to China, one of its biggest overseas markets.
The usual hustle and bustle has returned to factories in the capital Dhaka's downtown Uttara areas, including Nolvog.
Workers start the process of sorting and packing crabs and eels into baskets before the sun rises every morning.
The country's weather, soil and water quality are particularly favorable for crab farming.
Bangladesh exports thousands of tons of crabs each year worth tens of millions of U.S. dollars, mainly to China.

 

[Isa Khan]

M/s. Meigo (Bangladesh) Limited, a fully foreign owned Chinese company, is going to establish a toy manufacturing industry in Dhaka EPZ with an investment of US$ 6.55 million.

An agreement to this effect has been signed between Bangladesh Export Processing Zones Authority (BEPZA) and M/s. Meigo (Bangladesh) Limited at BEPZA Complex, Dhaka today, said a press release.

Member (Investment Promotion) of BEPZA Ali Reza Mazid and Senior Operation Manager of Meigo (Bangladesh) Limited Chen Shu Qiang inked the agreement on behalf of their respective organizations.

The company will produce annually 0.9 million pcs of die-cast toy, plastic toy, plush toy and collectibles toy.

They will create employment opportunity for 1616 Bangladeshi nationals.

Among others, Member (Finance) Nafisa Banu, Secretary Md. Zakir Hossain Chowdhury, General Manager (Public Relations) Nazma Binte Alamgir, General Manager (Investment Promotion) Md. Tanvir Hossain and General Manager (Enterprise Services) Md. Khorshid Alam of BEPZA witnessed the signing ceremony.

Chinese Company to invest US$ 6.55 million in Dhaka EPZ

M/s. Meigo (Bangladesh) Limited, a fully foreign owned Chinese company, is going to establish a toy manufacturing industry in Dhaka EPZ with an investment of US$ 6.55 million. An agreement to this effect has been signed between Bangladesh Export Processing Zones Authority (BEPZA) and M/s.

tbsnews.net

 

[Isa Khan]

FTA with China will help continue Bangladesh’s economic progress in post-LDC period: FBCCI​

A Free trade agreement with China will assist in tackling the challenges after the LDC graduation of Bangladesh, said FBCCI President Md Jasim Uddin.

Besides, this agreement will reduce the huge trade deficit with the country, remarked the FBCCI president at the China-Bangladesh Economic and Trade Co-operation Forum 2021 and the Inauguration Ceremony of 7th Council of Chinese Enterprises Association in Bangladesh (CEAB) on Tuesday morning.

Speaking on the occasion at a virtual platform, Md Jasim Uddin said Bangladesh's imports from China in the 2019-20 fiscal year were $11.49 billion, while the country exported only $0.60 billion. The Dhaka-Beijing Free Trade Agreement is needed to reduce this huge trade gap.

Informing about the Chinese investment of $1.02 billion in Bangladesh as of the year 2020, the FBCCI chief said, the FTA will boost up the confidence of Chinese entrepreneurs in investment and trade in Bangladesh. To improve the investment climate, he highlighted a number of incentives provided by the government of Bangladesh, including tax holidays, reduced income tax for 5 to 10 years, tax exemption for on export income tax, reduced import duty on capital machineries and raw material imports. The establishment of 100 specialised economic zones is underway, which has made Bangladesh has become one of the most attractive investment destinations for global entrepreneurs in this region, he cited.

Md Jasim Uddin called for undertaking research projects to find opportunities for investment and trade expansion in Bangladesh. The FBCCI boss called on Chinese entrepreneurs to invest in industries such as skills development, knowledge and technology exchange, power and energy, transport, leather, plastics, information and communication technology, agriculture and biotechnology.

Praising China's Belt and Road project, Md Jasim Uddin said, "This initiative has brought important opportunities for Bangladesh to become a developed country by 2041."

Salman F Rahman, Private Industry and Investment Adviser to the Hon'ble Prime Minister was present as the chief guest on the occasion.

Chinese Ambassador to Bangladesh Li Jimming was the special guest. Md Sirajul Islam, Executive Chairman of Bangladesh Investment Development Authority; Maj Gen Md Nazrul Islam, executive chairman of Bangladesh Export Processing Zones Authority and Md Sheikh Yusuf Harun, Executive Chairman of Bangladesh Economic Zones Authority also spoke at the occasion.

Among others, Rizwan Rahman, President of DCCI; Gazi Golam Mortuza, President of Bangladesh-China Chamber of Commerce and Industry; K Changliang, President of CEAB; Lin Weiqiang, Honorary Life President of the organisation and other representatives spoke.

FBCCI urges FTA with China to face post-LDC economic challenges

An FTA will play a supportive role in addressing post-LDC economic challenges for Bangladesh, making it easier to minimise the trade deficit, said the FBCCI President

tbsnews.net

China will not invest in coal-based power plants in Bangladesh anymore, Chinese Ambassador Li Jiming said today.

"China will no longer build new coal-based power projects in Bangladesh," he said.

Jiming was speaking virtually at the China-Bangladesh Economic and Trade Cooperation Forum 2021 and the inauguration of the seventh council of the Chinese Enterprises Association in Bangladesh (CEAB).

While striving to achieve its carbon peak by 2030 and carbon neutrality by 2060, China will also strongly support Bangladesh's green and low-carbon energy development, he said.

According to the envoy, China encourages Chinese enterprises to strengthen exchanges and cooperation with the business community of Bangladesh, especially in the manufacturing sector, to accelerate the green and low-carbon transformation and achieve greener development.

"Chinese and Bangladesh enterprises should actively explore and strive for new breakthroughs to promote China-Bangladesh economic and trade cooperation to a broader field and a deeper level."

Salman F Rahman, adviser of the prime minister on private industry and investment; Md Sirazul Islam, executive chairman of the Bangladesh Investment Development Authority; Md Nazrul Islam, executive chairman of the Bangladesh Export Processing Zones Authority; Shaikh Yusuf Harun, executive chairman of the Bangladesh Economic Zones Authority; Md Jashim Uddin, president of the Federation of Bangladesh Chambers of Commerce and Industry; and Ke Changliang, president of the CEAB, also spoke.

No more investment in coal-based power plants in Bangladesh: Chinese envoy

China will not invest in coal-based power plants in Bangladesh anymore, Chinese Ambassador Li Jiming said today.

www.thedailystar.net

 

[Isa Khan]

Foreign direct investment (FDI) from China to Bangladesh has jumped by about 200 per cent year-on-year to $418 million in the past seven months, according to Chinese ambassador Li Jiming.

"Over time, China has become Bangladesh's largest trading partner," he said, adding that Bangladesh is China's third largest market for engineering contracts in South Asia.

Jiming was speaking at the China-Bangladesh Economic and Trade Cooperation Forum 2021 and inauguration of the seventh council of the Chinese Enterprises Association in Bangladesh (CEAB), held virtually yesterday.

"Even amid the Covid-19 pandemic, our bilateral trade and investment bucked global trends, fully demonstrating the resilience and vitality of China-Bangladesh cooperation during such a crucial period of time," the ambassador said.

From January to July this year, the trade volume between China and Bangladesh reached $13 billion, up 58.9 per cent year-on-year. At the same time, Chinese contractors in Bangladesh registered turnover of $3.18 billion, up 59.5 per cent year-on-year.

Jiming went on to say that China and Bangladesh are both in a critical stage of revitalisation and development following the advent of Covid-19.

He also said that his country attaches great importance to building economic and trade cooperation mechanisms with Bangladesh.

Besides, after the zero-tariff benefit afforded to 97 per cent of Bangladesh's exports to China took effect, shipments to the East Asian nation have posted double-digit growth.

During the January-July period, Bangladesh's exports to China increased by about 38 per cent year-on-year, Jiming said. Up till March this year, the total value of FDIs in Bangladesh stood at about $20 billion, of which China provided around $1.4 billion.

Most Chinese investment comes in the local power sector, which received about $443 million as of May this year, according to data from Bangladesh Bank.

According to data compiled by the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), bilateral trade between China and Bangladesh was about $12 billion in 2019-20 fiscal year, which was heavily tilted towards China.

However, emphasising on the need for low-carbon energy development, the ambassador said China will no longer build new coal-based power projects in Bangladesh.

While striving to achieve its carbon peak by 2030 and carbon neutrality by 2060, China will also strongly support Bangladesh's green and low-carbon energy development, he added.

According to the Chinese envoy, his country encourages its enterprises to strengthen their exchanges and cooperation with businesses in Bangladesh, especially those in the manufacturing sector, to accelerate green development.

Since 2008, the Bangladesh government has approved 18 coal-based power plants as a part of its plan to generate 40,000MW of power, of which 35 per cent from coal-fired plants, by 2030.

However, the government, earlier this year, approved a proposal to scrap 10 of the 18 coal-fired power plants as construction work on the projects had made no progress in years.

China is investing in at least a couple of coal-fired projects right now, including the second phase of the Payra Thermal Power Plant, a joint venture with Bangladesh.

The Chinese ambassador also congratulated the newly elected CEAB President Ke Changliang, chief representative of the China Civil Engineering Construction Corporation in Bangladesh, and Secretary General Wang Xiaojiao, chief representative of China CAMC Engineering Co Ltd in Bangladesh, and other executives of the association.

Addressing the programme, various business leaders of Bangladesh urged Chinese investors to increase their investment in the country as a development partner and assured them of providing a safe and secure environment.

Salman F Rahman, the prime minister's adviser on private industry and investment; Md Sirazul Islam, executive chairman of Bangladesh Investment Development Authority; Md Nazrul Islam, executive chairman of Bangladesh Export Processing Zones Authority; Shaikh Yusuf Harun, executive chairman of Bangladesh Economic Zones Authority; Md Jashim Uddin, president of the Federation of Bangladesh Chambers of Commerce and Industry; and other business leaders from both countries spoke at the programme.

Chinese FDI in Bangladesh sees huge jump

Foreign direct investment (FDI) from China to Bangladesh has jumped by about 200 per cent year-on-year to $418 million in the past seven months, according to Chinese ambassador Li Jiming.

www.thedailystar.net

 

[Isa Khan]

DHAKA, Oct. 22 (Xinhua) -- The Bangabandhu Bangladesh-China Friendship Exhibition Center (BBCFEC) symbolizing China's friendship with Bangladesh opened Thursday in Purbachal on the outskirts of the capital city of Dhaka.

The construction of the international exhibition center, a project under the China-proposed Belt and Road Initiative, has been completed despite the impact of COVID-19 in Bangladesh.

Bangladeshi Prime Minister Sheikh Hasina opened the eye-catching exhibition center virtually from her official residence Ganabhaban in Dhaka Thursday.

Speaking at the opening ceremony, the Bangladeshi premier said with this exhibition center, it will be possible to organize export fairs and sourcing fairs round the year to explore more international markets for Bangladeshi products.

She thanked China for the financial and technical assistance in the construction of the exhibition center.

In his speech as the special guest, Chinese Ambassador to Bangladesh Li Jiming said the Chinese dream of national rejuvenation and the dream of "Sonar (golden) Bangla" are well interconnected.

The concerted efforts and arduous hard work from both countries have ensured that the exhibition center project is successfully completed despite the impacts of the COVID-19 pandemic, he said.

"With its inauguration, I am sure that the exhibition center will help Bangladesh further boost not only its exports but also its overall social economic development."

Bangladeshi officials said the 26th version of the Dhaka International Trade Fair (DITF), the biggest annual event in Bangladesh, will kick off at the mega Chinese-built new permanent venue.

At the outset of the ceremony, a documentary on the development of BBCFEC was screened at the function.

BBCFEC, funded by China, was built by the China State Construction Engineering Corporation (CSCEC).

The Beijing Institute of Architectural Design formulated an eye-catching design for the center which covers 80,000 square meters of land.

The on-site construction included exhibition halls, garages, supporting plant rooms and other facilities.

The exhibition center has two exhibition halls comprising 400 exhibition booths each, one 600-square-meter multifunctional hall, one dining room that can seat 500 people, offices, a prayer room, a staff dormitory, a children's activity area and related functional auxiliary rooms.

The main body of the exhibition center boasts a red ceramic panel exterior curtain wall and an aluminum gray wavy roof which symbolizes the ship of friendship between China and Bangladesh.

Exhibition center symbolizing friendship with China opens in Bangladesh

 

[Isa Khan]

Bangladesh and China have signed an agreement of USD 1126.99 million for construction of the Dhaka-Ashulia Elevated Expressway project -- aiming to reduce traffic congestion.

China's Exim Bank will provide the USD 1126.99 million to Bangladesh government as preferential buyer's credit (PBC), according to a press release from Ministry of Finance issued today.

The deal was signed on Tuesday (October 26).

As per the PBC agreement, annual interest rate is two percent and loan repayment period is 20 years including five years' grace period, the release said.

The release also said, the main objective of the project is to minimise the traffic congestion in and around Dhaka-Ashulia. The project will be connected to the Dhaka Elevated Expressway and is located within the alignment of the Asian Highway.

"If this project is implemented, the traffic congestion in Abdullahpur-Ashulia-Bypail-Chandra corridor connecting Dhaka with 30 districts will be greatly reduced," it added.

Bangladesh, China ink US$ 1127m loan for Dhaka-Ashulia Elevated Expressway

Bangladesh and China have signed an agreement of USD 1126.99 million for construction of the Dhaka-Ashulia Elevated Expressway project -- aiming to reduce traffic congestion.

www.thedailystar.net

 

[Isa Khan]

The Cabinet Committee on Economic Affairs (CCEA) Wednesday approved a proposal in principle for appointing a Chinese consortium as the investor for implementing the Rampura-Amulia-Demra highway project into four-lane under the Public Private Partnership (PPP) initiative.

The approval came from the 32nd meeting of the CCEA this year held Wednesday with finance minister AHM Mustafa Kamal in the chair.

Briefing newsmen after the meeting virtually, the finance minister informed that the Consortium of China Communications Construction Company Ltd (CCCCL) and the China Road and Bridge Corporation (CRBC) will implement the upgradation of four-lane project on PPP basis under the Road Transport and Highways Division.

He informed that the estimated cost of the project is around Taka over 20 billion which would be entirely invested by the Chinese consortium. Besides, the consortium will also maintain the highway for 25 years, he added.

Kamal said the meeting approved another proposal in principle for delisting the project on construction of flyover from Shantinagar to Dhaka-Mawa Road (Jhilmeel) under RAJUK from the PPP list.

He informed that the concerned ministry of Housing and Public Works has proposed for withdrawing the project from the PPP list since the context of the project has been changed after its formulation 15 years back.
He said the assessment of the project was also not done accordingly for which the concerned Ministry has eventually withdrawn it.

When asked whether the flyover would be built in that place, he said the flyover would be needed there in a different way for which all would have to wait a bit more. He, however, opined that the government has enough capacity to implement such kind of projects.

Chinese consortium to implement Rampura-Amulia-Demra 4-lane highway

The Cabinet Committee on Economic Affairs (CCEA) Wednesday approved a proposal in principle for appointing a Chinese consortium as the investor for implementing the Rampura-Amulia-Demra highway project into four-lane under the Public Private Partnership (PPP) initiative.

en.prothomalo.com