Bangladesh News Bangladesh - China Relation
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Chinese factory Join Win (Bangladesh) Company Ltd is going to set up a shoe accessories manufacturing industry in BEPZA Economic Zone (EZ) with an investment of $10.73 million.
The Chinese company signed an agreement with Bangladesh Export Processing Zones Authority (BEPZA) to this effect at BEPZA Complex, Dhaka on Thursday (25 May), reads a press release.
Ali Reza Mazid, member (investment promotion) of BEPZA and Xu Tiehui, managing director of Join Win (Bangladesh) Company Ltd signed the agreement on behalf of their respective organisations.
BEPZA Executive Chairman Major General Abul Kalam Mohammad Ziaur Rahman witnessed the signing ceremony.
This fully modern automated factory will produce annually 7 million pairs of shoe accessories items like PU Insole, PU Midsole, PU Outsole, TPU Outsole, Rubber Outsole and Open Cell PU Insole. It will manufacture shoe accessories items for prominent brand shoe like Nike, Adidas, Puma, Caterpillar etc. They will create employment opportunities for 900 Bangladeshi nationals.
The company has been running their business for 30 years in this sector. They have 6 factories in different countries who are producing world famous brand shoes.
Among others, member (Engineering) Mohammad Faruque Alam, member (Finance) Nafisa Banu, Executive Director (Administration) Md Zakir Hossain Chowdhury, Executive Director (Public Relations) Nazma Binte Alamgir, Executive Director (Investment Promotion) Md Tanvir Hossain, Executive Director (Enterprise Services) Md Khorshid Alam and Project Director of BEPZA EZ Mohammad Anamul Haque were present during the signing ceremony.
BEPZA EZ is being developed at Bangabandhu Sheikh Mujib Shilpa Nagar, Mirsharai, Chattogram on 1138.55 acres of land. Including Join Win (Bangladesh), BEPZA signed lease agreements with total 19 companies of home of home & abroad to establish factories with total proposed investment of around $411 million. BEPZA hopes export activities from BEPZA EZ will be started by this year.
www.tbsnews.net
China has expressed keen interest in establishing agricultural machinery factories, agro-industrial parks for agricultural processing, and agricultural technology cooperation centers for training scientists and conducting joint research in Bangladesh.
China's ambassador Yao Wen presented these proposals during a meeting with Abdur Razzaque, who is also a presidium member of the Awami League, at the secretariat on Thursday morning.
The agriculture minister welcomed China's proposals and assured the Bangladesh government's full cooperation.
Additionally, the minister requested the Chinese envoy for an increase in scholarships for Bangladeshi scientists pursuing higher education.
He emphasised Bangladesh's commitment to maintaining good relations with all countries while prioritising national interests.
"The strong relations between Bangladesh and China are crucial for economic development, peace, and stability in the region. Through collaboration in the agricultural sector, bilateral relations between Bangladesh and China will reach new heights," expressed the minister optimistically.
Referring to the Rohingyas as a burden for Bangladesh, the minister sought China's assistance in repatriating the Rohingyas to Myanmar.
He highlighted the challenges faced by Bangladesh as a small country with a population of 17 crore in ensuring food, shelter, medical care, and security for over a million Rohingya refugees.
Furthermore, he stated, "The presence of Rohingyas poses a security threat to the country."
In response, the Chinese ambassador assured that China is sincerely working toward a permanent solution to the Rohingya issue.
Additional Secretary of the Agriculture Ministry, Ruhul Amin Talukder, Deputy Secretary Ishrat Reza, Commercial Counselor of the Chinese Embassy Song Yan, and others were also present at the meeting.
www.tbsnews.net
The Chinese company signed an agreement with Bangladesh Export Processing Zones Authority (BEPZA) to this effect at BEPZA Complex, Dhaka on Thursday (25 May), reads a press release.
Ali Reza Mazid, member (investment promotion) of BEPZA and Xu Tiehui, managing director of Join Win (Bangladesh) Company Ltd signed the agreement on behalf of their respective organisations.
BEPZA Executive Chairman Major General Abul Kalam Mohammad Ziaur Rahman witnessed the signing ceremony.
This fully modern automated factory will produce annually 7 million pairs of shoe accessories items like PU Insole, PU Midsole, PU Outsole, TPU Outsole, Rubber Outsole and Open Cell PU Insole. It will manufacture shoe accessories items for prominent brand shoe like Nike, Adidas, Puma, Caterpillar etc. They will create employment opportunities for 900 Bangladeshi nationals.
The company has been running their business for 30 years in this sector. They have 6 factories in different countries who are producing world famous brand shoes.
Among others, member (Engineering) Mohammad Faruque Alam, member (Finance) Nafisa Banu, Executive Director (Administration) Md Zakir Hossain Chowdhury, Executive Director (Public Relations) Nazma Binte Alamgir, Executive Director (Investment Promotion) Md Tanvir Hossain, Executive Director (Enterprise Services) Md Khorshid Alam and Project Director of BEPZA EZ Mohammad Anamul Haque were present during the signing ceremony.
BEPZA EZ is being developed at Bangabandhu Sheikh Mujib Shilpa Nagar, Mirsharai, Chattogram on 1138.55 acres of land. Including Join Win (Bangladesh), BEPZA signed lease agreements with total 19 companies of home of home & abroad to establish factories with total proposed investment of around $411 million. BEPZA hopes export activities from BEPZA EZ will be started by this year.
Chinese company to invest $10.73 million in BEPZA Economic Zone
Chinese factory Join Win (Bangladesh) Company Ltd is going to set up a shoe accessories manufacturing industry in BEPZA Economic Zone (EZ) with an investment of $10.73 million. The Chinese company signed an agreement with Bangladesh Export Processing Zones Authority (BEPZA) to this effect at...
China has expressed keen interest in establishing agricultural machinery factories, agro-industrial parks for agricultural processing, and agricultural technology cooperation centers for training scientists and conducting joint research in Bangladesh.
China's ambassador Yao Wen presented these proposals during a meeting with Abdur Razzaque, who is also a presidium member of the Awami League, at the secretariat on Thursday morning.
The agriculture minister welcomed China's proposals and assured the Bangladesh government's full cooperation.
Additionally, the minister requested the Chinese envoy for an increase in scholarships for Bangladeshi scientists pursuing higher education.
He emphasised Bangladesh's commitment to maintaining good relations with all countries while prioritising national interests.
"The strong relations between Bangladesh and China are crucial for economic development, peace, and stability in the region. Through collaboration in the agricultural sector, bilateral relations between Bangladesh and China will reach new heights," expressed the minister optimistically.
Referring to the Rohingyas as a burden for Bangladesh, the minister sought China's assistance in repatriating the Rohingyas to Myanmar.
He highlighted the challenges faced by Bangladesh as a small country with a population of 17 crore in ensuring food, shelter, medical care, and security for over a million Rohingya refugees.
Furthermore, he stated, "The presence of Rohingyas poses a security threat to the country."
In response, the Chinese ambassador assured that China is sincerely working toward a permanent solution to the Rohingya issue.
Additional Secretary of the Agriculture Ministry, Ruhul Amin Talukder, Deputy Secretary Ishrat Reza, Commercial Counselor of the Chinese Embassy Song Yan, and others were also present at the meeting.
China to set up agricultural machinery firms in Bangladesh
China has expressed keen interest in establishing agricultural machinery factories, agro-industrial parks for agricultural processing, and agricultural technology cooperation centers for training scientists and conducting joint research in Bangladesh. China's ambassador Yao Wen presented these...
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Bangladesh has made the first payment for a mostly foreign loan-funded project in the taka, ushering in another mode of better preserving foreign currency reserves.
The project is on constructing a 24-kilometre elevated expressway connecting Dhaka to Ashulia at a cost of Tk 17,653 crore, or around $1.2 billion.
China is providing 85 per cent of the cost as a loan at 2 per cent interest, payable in 20 years, including a grace period of five years. The remaining 15 per cent is being borne by the Bangladesh government.
The Export-Import Bank of China is paying the loan part in US dollars to the Chinese contractor, China National Machinery Import & Export Corporation, which is implementing the project. The Bangladesh government will reimburse the bank.
As for the 15 per cent of the Bangladesh government, Shahabuddin Khan, the project director, said, "We convinced them (the contractor) to accept the bill in the taka as they will have some spending to do in Bangladesh."
"They accepted our proposal taking into consideration the present context," he told The Daily Star last week.
According to him, over 250 Chinese citizens, including engineers and staff, and 1,000 Bangladeshis are now working on the project.
To address a demand-supply gap in the foreign exchange market, the Bangladesh Bank has sold foreign currencies and allowed the depreciation of the taka.
Owing to higher import bills compared to combined receipts from export and remittance, the foreign exchange reserves plunged to $29.92 billion on May 31 from $42.20 billion on the same day last year, data from the central bank showed.
Prime Minister Sheikh Hasina inaugurated the construction in November last year and the first payment of Tk 1,339 crore, or $130 million, was made in October. Of the sum, the Bangladesh government's portion amounted to Tk 34 crore.
The next payment of Tk 600 crore, or $58.25 million, will be made in June and of it, the Bangladesh government will pay Tk 90 crore.
"This will continue until the situation pertaining to the foreign currency reserves improves," said Khan.
Once completed, the expressway will connect Hazrat Shahjalal International Airport with Abdullahpur, Ashulia, Baipail and Dhaka Export Processing Zone on the Nabinagar-Chandra highway and ensure quick entry and exit from and to the capital.
It will connect up to Kutubkhali under Jatrabari Police Station in Dhaka.
Over four crore people from 30 districts, including the northern districts, will benefit from the expressway as it will make the movement of people and goods easier and quicker.
The expressway project document forecasts a 0.217 per cent boost to the country's gross domestic product.
More than 5 per cent of the project has been implemented and it would reach 8 per cent by the end of June.
"We have a target to complete 30 per cent of the overall project by next fiscal year," Khan said.
This is the first bill payment in the local currency for a mostly foreign loan-funded project, confirmed Md Masudul Haque, joint secretary to the Foreign Aid Budget and Accounts wing of the Economic Relations Division.
"If the same could be done for all such projects, it will turn out positive for the country and help save some foreign currencies."
This has been made possible through fruitful negotiations with the contractor, believes Prof Selim Raihan, executive director of the South Asian Network on Economic Modeling.
"It is a positive initiative and it will help reduce pressure on the forex reserve."
"This initiative will also help money circulation and the local suppliers will benefit entirely. If this arrangement can be introduced to the projects funded by foreign loans, it will bring a positive impact on the economy in the long run."
www.thedailystar.net
The project is on constructing a 24-kilometre elevated expressway connecting Dhaka to Ashulia at a cost of Tk 17,653 crore, or around $1.2 billion.
China is providing 85 per cent of the cost as a loan at 2 per cent interest, payable in 20 years, including a grace period of five years. The remaining 15 per cent is being borne by the Bangladesh government.
The Export-Import Bank of China is paying the loan part in US dollars to the Chinese contractor, China National Machinery Import & Export Corporation, which is implementing the project. The Bangladesh government will reimburse the bank.
As for the 15 per cent of the Bangladesh government, Shahabuddin Khan, the project director, said, "We convinced them (the contractor) to accept the bill in the taka as they will have some spending to do in Bangladesh."
"They accepted our proposal taking into consideration the present context," he told The Daily Star last week.
According to him, over 250 Chinese citizens, including engineers and staff, and 1,000 Bangladeshis are now working on the project.
To address a demand-supply gap in the foreign exchange market, the Bangladesh Bank has sold foreign currencies and allowed the depreciation of the taka.
Owing to higher import bills compared to combined receipts from export and remittance, the foreign exchange reserves plunged to $29.92 billion on May 31 from $42.20 billion on the same day last year, data from the central bank showed.
Prime Minister Sheikh Hasina inaugurated the construction in November last year and the first payment of Tk 1,339 crore, or $130 million, was made in October. Of the sum, the Bangladesh government's portion amounted to Tk 34 crore.
The next payment of Tk 600 crore, or $58.25 million, will be made in June and of it, the Bangladesh government will pay Tk 90 crore.
"This will continue until the situation pertaining to the foreign currency reserves improves," said Khan.
Once completed, the expressway will connect Hazrat Shahjalal International Airport with Abdullahpur, Ashulia, Baipail and Dhaka Export Processing Zone on the Nabinagar-Chandra highway and ensure quick entry and exit from and to the capital.
It will connect up to Kutubkhali under Jatrabari Police Station in Dhaka.
Over four crore people from 30 districts, including the northern districts, will benefit from the expressway as it will make the movement of people and goods easier and quicker.
The expressway project document forecasts a 0.217 per cent boost to the country's gross domestic product.
More than 5 per cent of the project has been implemented and it would reach 8 per cent by the end of June.
"We have a target to complete 30 per cent of the overall project by next fiscal year," Khan said.
This is the first bill payment in the local currency for a mostly foreign loan-funded project, confirmed Md Masudul Haque, joint secretary to the Foreign Aid Budget and Accounts wing of the Economic Relations Division.
"If the same could be done for all such projects, it will turn out positive for the country and help save some foreign currencies."
This has been made possible through fruitful negotiations with the contractor, believes Prof Selim Raihan, executive director of the South Asian Network on Economic Modeling.
"It is a positive initiative and it will help reduce pressure on the forex reserve."
"This initiative will also help money circulation and the local suppliers will benefit entirely. If this arrangement can be introduced to the projects funded by foreign loans, it will bring a positive impact on the economy in the long run."
Bangladesh pays first foreign bill in taka
Bangladesh has made the first payment for a mostly foreign loan-funded project in the taka, ushering in another mode of better preserving foreign currency reserves.
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A cargo plane loaded with 17.6 tonnes of textile products recently flew from Nanjing, capital of east China's Jiangsu Province, to Bangladesh's capital Dhaka, the Nanjing Customs confirmed.
This is the first time the eastern Chinese city has launched an air cargo route linking South Asia, the customs said, adding that the route is scheduled to operate regularly every Wednesday, Thursday and Friday, and the annual freight volume is expected to exceed 2,800 tonnes.
"The surrounding areas of Nanjing have a large-scale textile industry with a complete supply chain. The textiles produced here are popular among international customers, and the newly opened air cargo route will offer local enterprises enhanced accessibility for exporting their goods," said Bi Hengfen, a staffer from an international logistics company.
www.tbsnews.net
This is the first time the eastern Chinese city has launched an air cargo route linking South Asia, the customs said, adding that the route is scheduled to operate regularly every Wednesday, Thursday and Friday, and the annual freight volume is expected to exceed 2,800 tonnes.
"The surrounding areas of Nanjing have a large-scale textile industry with a complete supply chain. The textiles produced here are popular among international customers, and the newly opened air cargo route will offer local enterprises enhanced accessibility for exporting their goods," said Bi Hengfen, a staffer from an international logistics company.
Air cargo route links China's Nanjing, Bangladesh
A cargo plane loaded with 17.6 tonnes of textile products recently flew from Nanjing, capital of east China's Jiangsu Province, to Bangladesh's capital Dhaka, the Nanjing Customs confirmed. This is the first time the eastern Chinese city has launched an air cargo route linking South Asia, the...
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Chinese firm Fujian Mengba Investment Co Ltd will build a steel construction materials factory at Bangabandhu Sheikh Mujib Shilpa Nagar (BSMSN) by investing $45 million.
To this end, Bangladesh Economic Zones Authority (Beza) and Fujian Mengba Investment signed an agreement on Wednesday (14 June) for allotment of 20 acre land to the company, Beza said in a press release.
Beza said the company will manufacture construction materials including MS rods, angles, channels with an investment of about $45 million. The factory is expected to create employment for 1,350 people.
Beza Investment Promotion Executive Member (Additional Secretary) Md Mozibor Rahman and Fujian Mengba Investment's Wang Yuan Yao signed the agreement on behalf of their respective sides.
China's Fujian Mengba Investment Co Ltd manufactures steel construction material including steel structure for bridge, beam, steel truss, tube truss, box column, modular house, H-beam etc.
Beza Executive Chairman Shaikh Yusuf Harun said, "As Bangabandhu Sheikh Mujib Shilpa Nagar is becoming prosperous, Beza is providing all the necessary services including gas, electricity for the establishment of industries to the best of its ability."
Bangabandhu Sheikh Mujib Shilpa Nagar, one of the largest economic zones in South Asia, is being constructed in an area of 30,000 acres of land in Mirsarai and Sitakunda upazilas of Chattogram and Sonagazi upazila of Feni.
Earlier, five Chinese investors were allotted land in BSMSN. Overall, eight Chinese investors have been allocated land in the economic zone.
Beza has set a target of building 100 economic zones by 2041.
www.tbsnews.net
China has said that it will support Bangladesh in safeguarding its sovereignty, independence, and territorial integrity.
‘China and Bangladesh have been traditional friendly neighbours. We firmly support Bangladesh in safeguarding its sovereignty, independence and territorial integrity, upholding independent domestic and foreign policies, and pursuing a development path that suits its national realities,’ Chinese foreign ministry spokesperson Wang Wenbin said on Tuesday while commenting on ‘foreign country’s sanctions on Bangladesh’.
He said that China stands ready to work with Bangladesh and other countries to oppose all forms of hegemonism and power politics.
Responding to a question from the Global Times, an English-language Chinese daily, which referred to Bangladesh prime minister Sheikh Hasina’s recent remarks calling US sanctions on the Rapid Action Battalion puzzling and that sanctions were like a game and the US had the power to topple governments in any country, the Chinese foreign ministry spokesperson said they had noted the recent remarks by Bangladesh’s prime minister.
‘Indeed, while turning a blind eye to its own racial discrimination, gun violence, and drug proliferation problems, a certain country has long been interfering in the internal affairs of Bangladesh and many other developing countries under the pretext of democracy and human rights,’ Wang said in his ‘remarks on Foreign Country’s Sanctions on Bangladesh’ made available on the official site of the Chinese embassy in Dhaka.
Asking for China’s comment, the Global Times also mentioned that Bangladesh was not afraid of sanctions and that Sheikh Hasina had instructed the Ministry of Finance and the Ministry of Planning to stop buying anything from countries that had imposed sanctions on Bangladesh.
Wang said that prime minister Sheikh Hasina spoke of not just the strong position of the Bangladeshi people, but also the mind of a large part of the international community, especially the developing world.
‘We stand ready to work together with Bangladesh and other countries to oppose all forms of hegemonism and power politics, uphold the UN-centered international system, the international order underpinned by international law and the basic norms governing international relations based on the purposes and principles of the UN Charter, and build a community with a shared future for mankind,’ said the Chinese spokesperson.
www.newagebd.net
To this end, Bangladesh Economic Zones Authority (Beza) and Fujian Mengba Investment signed an agreement on Wednesday (14 June) for allotment of 20 acre land to the company, Beza said in a press release.
Beza said the company will manufacture construction materials including MS rods, angles, channels with an investment of about $45 million. The factory is expected to create employment for 1,350 people.
Beza Investment Promotion Executive Member (Additional Secretary) Md Mozibor Rahman and Fujian Mengba Investment's Wang Yuan Yao signed the agreement on behalf of their respective sides.
China's Fujian Mengba Investment Co Ltd manufactures steel construction material including steel structure for bridge, beam, steel truss, tube truss, box column, modular house, H-beam etc.
Beza Executive Chairman Shaikh Yusuf Harun said, "As Bangabandhu Sheikh Mujib Shilpa Nagar is becoming prosperous, Beza is providing all the necessary services including gas, electricity for the establishment of industries to the best of its ability."
Bangabandhu Sheikh Mujib Shilpa Nagar, one of the largest economic zones in South Asia, is being constructed in an area of 30,000 acres of land in Mirsarai and Sitakunda upazilas of Chattogram and Sonagazi upazila of Feni.
Earlier, five Chinese investors were allotted land in BSMSN. Overall, eight Chinese investors have been allocated land in the economic zone.
Beza has set a target of building 100 economic zones by 2041.
Chinese firm to invest $45m in Bangabandhu Sheikh Mujib Shilpa Nagar
Chinese firm Fujian Mengba Investment Co Ltd will build a steel construction materials factory at Bangabandhu Sheikh Mujib Shilpa Nagar (BSMSN) by investing $45 million. To this end, Bangladesh Economic Zones Authority (Beza) and Fujian Mengba Investment signed an agreement on Wednesday (14...
China has said that it will support Bangladesh in safeguarding its sovereignty, independence, and territorial integrity.
‘China and Bangladesh have been traditional friendly neighbours. We firmly support Bangladesh in safeguarding its sovereignty, independence and territorial integrity, upholding independent domestic and foreign policies, and pursuing a development path that suits its national realities,’ Chinese foreign ministry spokesperson Wang Wenbin said on Tuesday while commenting on ‘foreign country’s sanctions on Bangladesh’.
He said that China stands ready to work with Bangladesh and other countries to oppose all forms of hegemonism and power politics.
Responding to a question from the Global Times, an English-language Chinese daily, which referred to Bangladesh prime minister Sheikh Hasina’s recent remarks calling US sanctions on the Rapid Action Battalion puzzling and that sanctions were like a game and the US had the power to topple governments in any country, the Chinese foreign ministry spokesperson said they had noted the recent remarks by Bangladesh’s prime minister.
‘Indeed, while turning a blind eye to its own racial discrimination, gun violence, and drug proliferation problems, a certain country has long been interfering in the internal affairs of Bangladesh and many other developing countries under the pretext of democracy and human rights,’ Wang said in his ‘remarks on Foreign Country’s Sanctions on Bangladesh’ made available on the official site of the Chinese embassy in Dhaka.
Asking for China’s comment, the Global Times also mentioned that Bangladesh was not afraid of sanctions and that Sheikh Hasina had instructed the Ministry of Finance and the Ministry of Planning to stop buying anything from countries that had imposed sanctions on Bangladesh.
Wang said that prime minister Sheikh Hasina spoke of not just the strong position of the Bangladeshi people, but also the mind of a large part of the international community, especially the developing world.
‘We stand ready to work together with Bangladesh and other countries to oppose all forms of hegemonism and power politics, uphold the UN-centered international system, the international order underpinned by international law and the basic norms governing international relations based on the purposes and principles of the UN Charter, and build a community with a shared future for mankind,’ said the Chinese spokesperson.
China vows to support Bangladesh in safeguarding sovereignty
China has said that it will support Bangladesh in safeguarding its sovereignty, independence, and territorial integrity. ‘China and Bangladesh have been traditional friendly neighbours. We firmly support...
www.newagebd.net
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Chinese company Mingda (Bangladesh) New Material Co Ltd is going to invest $76.41 million in Bepza Economic Zone (EZ) for producing diversified products. It is the highest amount of proposed investment from a single company who have signed agreements to establish factories in Bepza EZ.
The company signed an agreement with Bangladesh Export Processing Zones Authority (Bepza) to this effect at Bepza Complex, Dhaka today (15 June), reads a press release.
Ali Reza Mazid, member (Investment Promotion) of Bepza and Huang Shangwen, director of Mingda (Bangladesh) New material Co Ltd signed the agreement on behalf of their respective organisations. Bepza Executive Chairman Maj Gen Abul Kalam Mohammad Ziaur Rahman witnessed the signing ceremony.
Bepza Executive Chairman thanked Mingda (Bangladesh) for choosing Bangladesh as well as Bepza EZ as their investment destination. He said that Bepza mainly emphasised on three things to establish a factory in EPZ –diversified products, amount of investment and employment.
He urged Mingda (Bangladesh) to start the construction of the factory as early as possible and requested for the optimum use of land.
Huang Shangwen, director of Mingda (Bangladesh) said that they have some factories in China. Now they are going to set up factories in Bangladesh due to increasing wages of the workers of China.
Shangwen said, they will mainly produce different types of artificial fabric. He wished to expand their business in Bangladesh considering the success of this project.
"We will start construction of the factory very soon keeping on mind of the safety & environmental issues and start production by the end of the year", he added.
Mingda (Bangladesh) will produce different cotton products including Imitation Silk Cotton, Tile Cotton, Needle Punched Cotton; different types of Artificial/Manmade Fabric, Artificial Fabrics including Geotextile; different Hospital products and Bags & Packaging Items including Geo-bag, Non-woven bag etc. 2830 Bangladesh nationals will get employment opportunity in the factory.
Among others, Member (Engineering) Mohammad Faruque Alam, Member (Finance) Nafisa Banu, Executive Director (Investment Promotion) Md Tanvir Hossain, Executive Director (Enterprise Services) Md Khorshid Alam and Project Director of Bepza EZ Mohammad Anamul Haque were present during the signing ceremony.
Mentionable that Including Mingda (Bangladesh), Bepza signed lease agreements with total 21 companies of home & abroad to establish factories in Bepza EZ and their total proposed investment exceeded over $500 million.
www.tbsnews.net
The company signed an agreement with Bangladesh Export Processing Zones Authority (Bepza) to this effect at Bepza Complex, Dhaka today (15 June), reads a press release.
Ali Reza Mazid, member (Investment Promotion) of Bepza and Huang Shangwen, director of Mingda (Bangladesh) New material Co Ltd signed the agreement on behalf of their respective organisations. Bepza Executive Chairman Maj Gen Abul Kalam Mohammad Ziaur Rahman witnessed the signing ceremony.
Bepza Executive Chairman thanked Mingda (Bangladesh) for choosing Bangladesh as well as Bepza EZ as their investment destination. He said that Bepza mainly emphasised on three things to establish a factory in EPZ –diversified products, amount of investment and employment.
He urged Mingda (Bangladesh) to start the construction of the factory as early as possible and requested for the optimum use of land.
Huang Shangwen, director of Mingda (Bangladesh) said that they have some factories in China. Now they are going to set up factories in Bangladesh due to increasing wages of the workers of China.
Shangwen said, they will mainly produce different types of artificial fabric. He wished to expand their business in Bangladesh considering the success of this project.
"We will start construction of the factory very soon keeping on mind of the safety & environmental issues and start production by the end of the year", he added.
Mingda (Bangladesh) will produce different cotton products including Imitation Silk Cotton, Tile Cotton, Needle Punched Cotton; different types of Artificial/Manmade Fabric, Artificial Fabrics including Geotextile; different Hospital products and Bags & Packaging Items including Geo-bag, Non-woven bag etc. 2830 Bangladesh nationals will get employment opportunity in the factory.
Among others, Member (Engineering) Mohammad Faruque Alam, Member (Finance) Nafisa Banu, Executive Director (Investment Promotion) Md Tanvir Hossain, Executive Director (Enterprise Services) Md Khorshid Alam and Project Director of Bepza EZ Mohammad Anamul Haque were present during the signing ceremony.
Mentionable that Including Mingda (Bangladesh), Bepza signed lease agreements with total 21 companies of home & abroad to establish factories in Bepza EZ and their total proposed investment exceeded over $500 million.
Chinese company to invest $76.41m to produce diversified products in Bepza EZ
Chinese company Mingda (Bangladesh) New Material Co Ltd is going to invest $76.41 million in Bepza Economic Zone (EZ) for producing diversified products. It is the highest amount of proposed investment from a single company who have signed agreements to establish factories in Bepza EZ.
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China's M/s Yuanshun Enterprise Company Limited has announced its plans to establish a packaging industry at the Mongla Export Processing Zone (Mongla EPZ). With an investment of $9.49 million, this venture is expected to generate employment opportunities for 490 Bangladeshi nationals.
The newly established company, fully owned by foreign investors, will focus on producing various types of packaging boxes including paper boxes, jewellery boxes, jewellery bags, watch boxes, gift boxes, and cartoons. It aims to manufacture 10 million pieces annually to cater to the growing demand for quality packaging solutions, reads a press release.
The agreement to initiate this project was signed between Bepza (Bangladesh Export Processing Zones Authority) and M/s Yuanshun Enterprise at the Bepza Complex in Dhaka on 15 June. The signing ceremony was witnessed by Major General Abul Kalam Mohammad Ziaur Rahman, ndc, psc, the executive chairman of Bepza.
www.tbsnews.net
The newly established company, fully owned by foreign investors, will focus on producing various types of packaging boxes including paper boxes, jewellery boxes, jewellery bags, watch boxes, gift boxes, and cartoons. It aims to manufacture 10 million pieces annually to cater to the growing demand for quality packaging solutions, reads a press release.
The agreement to initiate this project was signed between Bepza (Bangladesh Export Processing Zones Authority) and M/s Yuanshun Enterprise at the Bepza Complex in Dhaka on 15 June. The signing ceremony was witnessed by Major General Abul Kalam Mohammad Ziaur Rahman, ndc, psc, the executive chairman of Bepza.
Chinese company to invest $9.5 million in Mongla EPZ
China's M/s Yuanshun Enterprise Company Limited has announced its plans to establish a packaging industry at the Mongla Export Processing Zone (Mongla EPZ). With an investment of $9.49 million, this venture is expected to generate employment opportunities for 490 Bangladeshi nationals. The newly...
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Chinese coffee producers are considering Bangladesh as new destination to export their products and coffee beans.
“We have been producing the best coffee in China and want to export it to Bangladesh,” said Deng Jialu, manager of Beigui Coffee Company, when a group of Bangladeshi journalist recently visited his coffee garden and production unit in Simao District at Pu'er City of Yunnan Province in China.
The Beigui Coffee Company is the producer of one of the most popular brands in China. It has a number of coffee gardens in 400 hectares of land, accounting for 2.8 per cent of the coffee planting area in Simao District, and an annual output of more than 7,200 tonnes of fresh coffee fruits, accounting for 6.5 per cent of the annual output of fresh coffee fruits in that district.
Deng informed that many international coffee brands like Nestle and Starbucks has been importing coffee beans from his company to supply it across the world.
“We’re looking for new destinations in South and Southeast Asia. Bangladesh could be our next destination as consumption of coffee is rising fast,” he said.
According to Observatory of Economic Complexity (OEC), an online data visualisation platform on global trade, in 2021, Bangladesh imported $1.53 million in coffee, becoming the 136th largest importer of coffee in the world.
In the same year, coffee was the 792nd most imported product in Bangladesh. Bangladesh imports coffee primarily from Singapore ($650,000), United Arab Emirates ($557,000), United States ($88,700), Netherlands ($46,900), and Australia ($43,500).
According to international research firm Statista, as of June of the coffee crop year 2021/22, China produced around two million 60-kilogram bags of coffee, up from 1.8 million in the previous year. The majority of the coffee produced in China comes from Yunnan Province.
Xinhua reported in October 2022 that the import volume of coffee beans in China reached 122,700 tonnes in 2021, up 74 per cent year-on-year. Since the beginning of that year, the export volume of coffee beans in southwest China's Yunnan Province had reached 18,000 tonnes, with a value of 550 million yuan, up 2.3 times and 3.8 times, respectively.
The products have been exported to the European Union, ASEAN, America, the Middle East and other regions. In June, Pu'er exported more than 300 tonnes of coffee beans to Europe, the first time for the local coffee to be transported to Europe via freight train services.
Nestle, Starbucks, Volcafe and other enterprises have had business cooperation with Yunnan in the coffee industry.
One of the leading coffee producers, Yunnan Simao Beigui Coffee Co Ltd. was established in March 1988.
The supply and marketing cooperatives in Simao District accounted for 75.88 per cent of the shares. The total assets of the company were 40 million yuan. It is a municipal leading enterprise integrating planting, operation and deep processing.
Liao Xiugui, the founder of Xiaowazi Coffee Garden in Pu´er City, another leading producer of coffee beans in Yunnan Province, expressed the same willingness to expand his company’s market in Bangladesh.
“If we get importers from Bangladesh, we will offer our products at a competitive price but without compromising with our standard,” he said.
Liao Xiugui has set up a coffee cafeteria alongside its production unit in the district to offer the original taste of coffee beans from the garden.
“Many visitors come here to take the original taste of coffee,” he said, adding that he has been involved in coffee production for more than 50 years.
businesspostbd.com
In a series of surprise visits, Jack Ma, the co-founder of Alibaba, made a brief stopover in Dhaka, Bangladesh, before heading to Kathmandu, Nepal on Tuesday, July 27. In Dhaka, Jack Ma stayed at a prominent five-star hotel in Gulshan. These unexpected visits by the prominent Chinese entrepreneur have sparked curiosity and speculation in the industry. Industry observers in Bangladesh, Nepal, and Pakistan have been abuzz with rumours about the purpose behind these discreet travels.
According to news outlets in Nepal, Jack Ma's visit to Dhaka was followed by his arrival in Kathmandu, where he was reported to have stayed for a brief period. From there, Ma and a delegation of seven businessmen, including five Chinese nationals, one Danish individual, and one US citizen, embarked on their next destination - Pakistan.
They arrived in Pakistan on June 29, having traveled on a chartered flight from Hong Kong, according to Pakistani news reports. Ma's presence in Pakistan was met with great interest, although he maintained his usual media silence and kept his visits discreet. While sources close to Ma have insisted that these visits are purely personal in nature, their unexpected nature and the notable figures accompanying him have stirred speculation. Jack Ma's low-profile approach to these trips has garnered attention, especially since his criticism of Chinese authorities in 2020.
Following their time in Pakistan, Ma and his delegation reportedly continued their journey to Uzbekistan on June 30.
The purpose behind these visits, as well as the nature of the engagements undertaken, remains undisclosed.
Jack Ma, a prominent figure in the technology and e-commerce industry, has been known for his influence and entrepreneurial success through Alibaba Group. His criticism of Chinese authorities in 2020 drew widespread attention, resulting in a decrease in his public appearances.
The recent series of surprise visits to South Asian countries has reignited interest in his activities and raised questions about his current endeavors. As speculation continues to circulate, industry insiders eagerly await further information regarding the purpose of Jack Ma's discreet visits and the possible implications they may have for the region's business landscape.
www.thedailystar.net
“We have been producing the best coffee in China and want to export it to Bangladesh,” said Deng Jialu, manager of Beigui Coffee Company, when a group of Bangladeshi journalist recently visited his coffee garden and production unit in Simao District at Pu'er City of Yunnan Province in China.
The Beigui Coffee Company is the producer of one of the most popular brands in China. It has a number of coffee gardens in 400 hectares of land, accounting for 2.8 per cent of the coffee planting area in Simao District, and an annual output of more than 7,200 tonnes of fresh coffee fruits, accounting for 6.5 per cent of the annual output of fresh coffee fruits in that district.
Deng informed that many international coffee brands like Nestle and Starbucks has been importing coffee beans from his company to supply it across the world.
“We’re looking for new destinations in South and Southeast Asia. Bangladesh could be our next destination as consumption of coffee is rising fast,” he said.
According to Observatory of Economic Complexity (OEC), an online data visualisation platform on global trade, in 2021, Bangladesh imported $1.53 million in coffee, becoming the 136th largest importer of coffee in the world.
In the same year, coffee was the 792nd most imported product in Bangladesh. Bangladesh imports coffee primarily from Singapore ($650,000), United Arab Emirates ($557,000), United States ($88,700), Netherlands ($46,900), and Australia ($43,500).
According to international research firm Statista, as of June of the coffee crop year 2021/22, China produced around two million 60-kilogram bags of coffee, up from 1.8 million in the previous year. The majority of the coffee produced in China comes from Yunnan Province.
Xinhua reported in October 2022 that the import volume of coffee beans in China reached 122,700 tonnes in 2021, up 74 per cent year-on-year. Since the beginning of that year, the export volume of coffee beans in southwest China's Yunnan Province had reached 18,000 tonnes, with a value of 550 million yuan, up 2.3 times and 3.8 times, respectively.
The products have been exported to the European Union, ASEAN, America, the Middle East and other regions. In June, Pu'er exported more than 300 tonnes of coffee beans to Europe, the first time for the local coffee to be transported to Europe via freight train services.
Nestle, Starbucks, Volcafe and other enterprises have had business cooperation with Yunnan in the coffee industry.
One of the leading coffee producers, Yunnan Simao Beigui Coffee Co Ltd. was established in March 1988.
The supply and marketing cooperatives in Simao District accounted for 75.88 per cent of the shares. The total assets of the company were 40 million yuan. It is a municipal leading enterprise integrating planting, operation and deep processing.
Liao Xiugui, the founder of Xiaowazi Coffee Garden in Pu´er City, another leading producer of coffee beans in Yunnan Province, expressed the same willingness to expand his company’s market in Bangladesh.
“If we get importers from Bangladesh, we will offer our products at a competitive price but without compromising with our standard,” he said.
Liao Xiugui has set up a coffee cafeteria alongside its production unit in the district to offer the original taste of coffee beans from the garden.
“Many visitors come here to take the original taste of coffee,” he said, adding that he has been involved in coffee production for more than 50 years.
Chinese coffee producers eye Bangladesh as new export destination
Chinese coffee producers are considering Bangladesh as new destination to export their products and coffee beans.
In a series of surprise visits, Jack Ma, the co-founder of Alibaba, made a brief stopover in Dhaka, Bangladesh, before heading to Kathmandu, Nepal on Tuesday, July 27. In Dhaka, Jack Ma stayed at a prominent five-star hotel in Gulshan. These unexpected visits by the prominent Chinese entrepreneur have sparked curiosity and speculation in the industry. Industry observers in Bangladesh, Nepal, and Pakistan have been abuzz with rumours about the purpose behind these discreet travels.
According to news outlets in Nepal, Jack Ma's visit to Dhaka was followed by his arrival in Kathmandu, where he was reported to have stayed for a brief period. From there, Ma and a delegation of seven businessmen, including five Chinese nationals, one Danish individual, and one US citizen, embarked on their next destination - Pakistan.
They arrived in Pakistan on June 29, having traveled on a chartered flight from Hong Kong, according to Pakistani news reports. Ma's presence in Pakistan was met with great interest, although he maintained his usual media silence and kept his visits discreet. While sources close to Ma have insisted that these visits are purely personal in nature, their unexpected nature and the notable figures accompanying him have stirred speculation. Jack Ma's low-profile approach to these trips has garnered attention, especially since his criticism of Chinese authorities in 2020.
Following their time in Pakistan, Ma and his delegation reportedly continued their journey to Uzbekistan on June 30.
The purpose behind these visits, as well as the nature of the engagements undertaken, remains undisclosed.
Jack Ma, a prominent figure in the technology and e-commerce industry, has been known for his influence and entrepreneurial success through Alibaba Group. His criticism of Chinese authorities in 2020 drew widespread attention, resulting in a decrease in his public appearances.
The recent series of surprise visits to South Asian countries has reignited interest in his activities and raised questions about his current endeavors. As speculation continues to circulate, industry insiders eagerly await further information regarding the purpose of Jack Ma's discreet visits and the possible implications they may have for the region's business landscape.
Jack Ma makes surprise visit to Dhaka
In a series of surprise visits, Jack Ma, the co-founder of Alibaba, made a brief stopover in Dhaka, Bangladesh, before heading to Kathmandu, Nepal on Tuesday, July 27. These unexpected visits by the prominent Chinese entrepreneur have sparked curiosity and speculation in the industry.
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Dhaka, 16 July :- Chief of Air Staff of Bangladesh Air Force Air Chief Marshal Shaikh Abdul Hannan, BBP, BUP, nswc, fawc, psc left Dhaka for China on 16 July 2023, Sunday for an official visit along with his spouse and four entourage on an invitation of China People’s Liberation Army Air Force (CPLAAF).
During the visit, Chief of Air Staff of Bangladesh Air Force will make a courtesy call on with General Li Shangfu, State Councilor & Defense Minister and General Chang Dingqiu, Commander of PLAAF. They will exchange views on different issues like training, modernization and exchange of technology between Air Forces of the two countries. Besides, Chief of Air Staff of Bangladesh Air Force will visit China National Aero-Technology Import & Export Corporation (CATIC), Hongdu Aviation Industry Group, Air Force Command College (AFCC) and Aviation University of PLAAF. This visit of Chief of Air Staff will play a significant role in further strengthening the existing relationship between Bangladesh and China.
ispr.gov.bd
During the visit, Chief of Air Staff of Bangladesh Air Force will make a courtesy call on with General Li Shangfu, State Councilor & Defense Minister and General Chang Dingqiu, Commander of PLAAF. They will exchange views on different issues like training, modernization and exchange of technology between Air Forces of the two countries. Besides, Chief of Air Staff of Bangladesh Air Force will visit China National Aero-Technology Import & Export Corporation (CATIC), Hongdu Aviation Industry Group, Air Force Command College (AFCC) and Aviation University of PLAAF. This visit of Chief of Air Staff will play a significant role in further strengthening the existing relationship between Bangladesh and China.
BANGLADESH AIR FORCE CHIEF DEPARTS FOR CHINA -
Dhaka, 16 July :- Chief of Air Staff of Bangladesh Air Force Air Chief Marshal…
ispr.gov.bd
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Attack helicopter and more K-8W from China? We were earlier talking about the retirement of L-39.
Chief of Air Staff of Bangladesh Air Force Marshal Shaikh Abdul Hannan returned home on Sunday after wrapping up an official visit to China.
During the visit, the air chief made a courtesy call to State Councillor and Defence Minister General Li Shangfu, and Air Force Commander General Chang Dingqiu, said ISPR in a press release.
They exchanged views on different issues like training, modernisation, and exchange of technology between the Air Forces of the two countries.
During the meeting, they also assured Bangladesh Air Force (BAF) to deliver K-8 aircraft and essential equipment/spares for the use of the BAF within the shortest possible time
Besides, Shaikh Abdul Hannan visited China National Aero-Technology Import and Export Corporation Hongdu Aviation Industry Group, Air Force Command College, and Aviation University of China People's Liberation Army Air Force.
The visit of the BAF Chief will hopefully play a significant role in further strengthening the existing relationship between Bangladesh and China.
Earlier on 16 July, he along with a four-person entourage left Dhaka for China at the invitation of the China People's Liberation Army Air Force.
www.tbsnews.net
Chief of Air Staff of Bangladesh Air Force Marshal Shaikh Abdul Hannan returned home on Sunday after wrapping up an official visit to China.
During the visit, the air chief made a courtesy call to State Councillor and Defence Minister General Li Shangfu, and Air Force Commander General Chang Dingqiu, said ISPR in a press release.
They exchanged views on different issues like training, modernisation, and exchange of technology between the Air Forces of the two countries.
During the meeting, they also assured Bangladesh Air Force (BAF) to deliver K-8 aircraft and essential equipment/spares for the use of the BAF within the shortest possible time
Besides, Shaikh Abdul Hannan visited China National Aero-Technology Import and Export Corporation Hongdu Aviation Industry Group, Air Force Command College, and Aviation University of China People's Liberation Army Air Force.
The visit of the BAF Chief will hopefully play a significant role in further strengthening the existing relationship between Bangladesh and China.
Earlier on 16 July, he along with a four-person entourage left Dhaka for China at the invitation of the China People's Liberation Army Air Force.
Air chief returns home from China
Chief of Air Staff of Bangladesh Air Force Marshal Shaikh Abdul Hannan returned home on Sunday after wrapping up an official visit to China. During the visit, the air chief made a courtesy call to State Councillor and Defence Minister General Li Shangfu, and Air Force Commander General Chang...
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Chinese digital technology company 'KFL Group of China' has expressed eagerness to invest about Tk 1 billion for setting up a router manufacturing plant in Bangladesh, reports BSS.
A four-member delegation of the KFL Group led by its president Jha Helin expressed the keenness at a courtesy meeting with posts and telecommunications minister Mustafa Jabbar at the minister's office at the Secretariat in Dhaka on Sunday.
Assuring the delegation of providing the necessary support in this regard, the minister said due to prime minister Sheikh Hasina's technology-friendly policy, Bangladesh is a very profitable country for investment.
Jabbar, however, put emphasize on manufacturing high quality and cost-effective routers. The delegation lauded Bangladesh's progress in developing digital technology.
en.prothomalo.com
A four-member delegation of the KFL Group led by its president Jha Helin expressed the keenness at a courtesy meeting with posts and telecommunications minister Mustafa Jabbar at the minister's office at the Secretariat in Dhaka on Sunday.
Assuring the delegation of providing the necessary support in this regard, the minister said due to prime minister Sheikh Hasina's technology-friendly policy, Bangladesh is a very profitable country for investment.
Jabbar, however, put emphasize on manufacturing high quality and cost-effective routers. The delegation lauded Bangladesh's progress in developing digital technology.
Chinese tech firm keen to set up router factory in Bangladesh
Chinese digital technology company 'KFL Group of China' has expressed eagerness to set up a router manufacturing plant in Bangladesh
en.prothomalo.com
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For the first time, Bangladesh has beaten China in the volume of garments export to European Union (EU) market. However, the price of per kilogram Bangladeshi readymade garments (RMG) is USD 5.82 lower than that of China. This led to China’s RMG export surpassing that of Bangladesh by a margin of USD 726.
Compared to all other countries, Bangladesh has exported highest 1.33 billion kg equivalent of ready-made garments to EU market last year. China on the other hand has exported 1.31 billion kg of readymade garments.
While Bangladesh’s garments export has increased by 21.20 per cent in terms of volume compared to last year, China’s has increased only 11.86 per cent.
Citing Eurostat’s information, garment industry owners’ association, BGMEA said on Sunday that EU had imported readymade garments worth USD 100.31 billion from different countries last year. Compared to 2021, garments import in EU market has risen up by 20.97 per cent.
Though Bangladesh has advanced in the volume of readymade garments, it’s lagging behind China in financial terms. China has exported readymade garments worth USD 30.15 billion to EU last year while the country’s export has increased by 17 per cent.
Meanwhile, Bangladesh last year had exported USD 22.88 worth of readymade garments. This export figure is 35.69 per cent higher than that of 2021. After Bangladesh and China, Turkey has exported third highest USD 11.98 worth of readymade garments to EU market last year.
Apart from that India has exported readymade garments worth USD 8.48; Vietnam USD 4.57, Pakistan USD 3.94, Cambodia USD 3.81, Morocco USD 3.12, Sri Lanka USD 1.62 and Indonesia has exported readymade garments of USD 1.36.
Bangladesh exports readymade garments to EU market at the second lowest price. Last year, the price of readymade garments exported by Bangladesh was USD 17.27 per kg, which was USD 15.41 a year ago in 2021.
That means the price of readymade garments exported from Bangladesh has increased by almost 12 per cent last year. Pakistan last year has exported readymade garments at a lower price than that of Bangladesh. Average price of the readymade garments exported by them is about USD 14.5 per kg.
Yet, EU imported garments from different countries at an average price of USD 22.48 per kg last year. Vietnam exported garments at the highest rate of USD 30.75 per kg. The second and third highest in this case are respectively Indonesia and Morocco, who exported garments at USD 29.88 and USD 29.69 per kg respectively.
Apart from that, Sri Lanka exported per kg of readymade garments at average USD 28.54, Turkey at USD 25.39, India at 23.27, China at 23.03 and Cambodia exported at USD 22.18.
en.prothomalo.com
Compared to all other countries, Bangladesh has exported highest 1.33 billion kg equivalent of ready-made garments to EU market last year. China on the other hand has exported 1.31 billion kg of readymade garments.
While Bangladesh’s garments export has increased by 21.20 per cent in terms of volume compared to last year, China’s has increased only 11.86 per cent.
Citing Eurostat’s information, garment industry owners’ association, BGMEA said on Sunday that EU had imported readymade garments worth USD 100.31 billion from different countries last year. Compared to 2021, garments import in EU market has risen up by 20.97 per cent.
Though Bangladesh has advanced in the volume of readymade garments, it’s lagging behind China in financial terms. China has exported readymade garments worth USD 30.15 billion to EU last year while the country’s export has increased by 17 per cent.
Meanwhile, Bangladesh last year had exported USD 22.88 worth of readymade garments. This export figure is 35.69 per cent higher than that of 2021. After Bangladesh and China, Turkey has exported third highest USD 11.98 worth of readymade garments to EU market last year.
Apart from that India has exported readymade garments worth USD 8.48; Vietnam USD 4.57, Pakistan USD 3.94, Cambodia USD 3.81, Morocco USD 3.12, Sri Lanka USD 1.62 and Indonesia has exported readymade garments of USD 1.36.
Bangladesh exports readymade garments to EU market at the second lowest price. Last year, the price of readymade garments exported by Bangladesh was USD 17.27 per kg, which was USD 15.41 a year ago in 2021.
That means the price of readymade garments exported from Bangladesh has increased by almost 12 per cent last year. Pakistan last year has exported readymade garments at a lower price than that of Bangladesh. Average price of the readymade garments exported by them is about USD 14.5 per kg.
Yet, EU imported garments from different countries at an average price of USD 22.48 per kg last year. Vietnam exported garments at the highest rate of USD 30.75 per kg. The second and third highest in this case are respectively Indonesia and Morocco, who exported garments at USD 29.88 and USD 29.69 per kg respectively.
Apart from that, Sri Lanka exported per kg of readymade garments at average USD 28.54, Turkey at USD 25.39, India at 23.27, China at 23.03 and Cambodia exported at USD 22.18.
Bangladesh overtakes China in RMG export volume to EU market
Bangladesh has beaten China in the volume of garments export to European Union (EU) market, but the price of per kilogram Bangladeshi readymade garments (RMG) is USD 5.82 lower than that of China.
en.prothomalo.com
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Bangladesh has decided to abstain from joining the China-sponsored Indian Ocean Regional Forum, citing "geopolitical issues" that need to be examined further, according to foreign ministry officials.
On 20 July 2023, the foreign ministry communicated its stance to the Economic Relations Division (ERD) via a formal letter. This response came after the ERD sought the ministry's opinion following China's request for Bangladesh to become a member of the forum.
"The China-Indian Ocean Regional Forum of Development Cooperation Network is part of China's Global Development Initiatives and has connections to the UN's Sustainable Development Goals. However, given its geopolitical and geostrategic implications, the matter warrants further consideration," said the foreign ministry in its correspondence with the ERD.
The ministry believes it is crucial to thoroughly scrutinise all relevant aspects and advantages and disadvantages before deciding to join the forum.
On 21 November last year, the China International Development Cooperation Agency (Cidca), convened the first "China-Indian Ocean Region Forum" in the southwestern Chinese city of Kunming.
The Cidca had said in a statement that the forum was the first high-level official development cooperation forum jointly held by China and countries in the Indian Ocean Region.
Over 100 participants, including senior officials from 19 countries bordering the Indian Ocean, attended. Later, Australia and the Maldives said they did not send any official representative to this meeting. India was not invited to this meeting.
Bangladesh is a member and the current chair of the Indian Ocean Rim Association (Iora), which is an intergovernmental organization that aims to promote regional cooperation and sustainable development among countries bordering the Indian Ocean.
The organisation was established in 1997, and its members consist of 23 states, including Australia and India, of the Indian Ocean region. Also, China is an observer of the Iora, which is headquartered in Mauritius.
"It is China's counter initiative to the Iora as it wants to strengthen its position in the Indian Ocean region, which is very important considering the seaborne trade," said a foreign ministry official
According to the Iora, with over 80% of the world's seaborne trade in oil, and around 100,000 commercial vessels traversing the Indian Ocean per year, it is evident that these sea lanes are amongst the most vital in the world.
Prof Mustafizur Rahman, a distinguished fellow of the Centre for Policy Dialogue, highlighted China's geostrategic interest in various initiatives such as the Belt and Road Initiative (BRI), maritime endeavours, and the Silk Route.
"Bangladesh could consider engaging with multiple forums with an open mind, as long as there are no conflicting interests," he told The Business Standard replying to a query on whether Bangladesh should join a China-sponsored forum despite being a member of the Iora.
www.tbsnews.net
On 20 July 2023, the foreign ministry communicated its stance to the Economic Relations Division (ERD) via a formal letter. This response came after the ERD sought the ministry's opinion following China's request for Bangladesh to become a member of the forum.
"The China-Indian Ocean Regional Forum of Development Cooperation Network is part of China's Global Development Initiatives and has connections to the UN's Sustainable Development Goals. However, given its geopolitical and geostrategic implications, the matter warrants further consideration," said the foreign ministry in its correspondence with the ERD.
The ministry believes it is crucial to thoroughly scrutinise all relevant aspects and advantages and disadvantages before deciding to join the forum.
On 21 November last year, the China International Development Cooperation Agency (Cidca), convened the first "China-Indian Ocean Region Forum" in the southwestern Chinese city of Kunming.
The Cidca had said in a statement that the forum was the first high-level official development cooperation forum jointly held by China and countries in the Indian Ocean Region.
Over 100 participants, including senior officials from 19 countries bordering the Indian Ocean, attended. Later, Australia and the Maldives said they did not send any official representative to this meeting. India was not invited to this meeting.
Bangladesh is a member and the current chair of the Indian Ocean Rim Association (Iora), which is an intergovernmental organization that aims to promote regional cooperation and sustainable development among countries bordering the Indian Ocean.
The organisation was established in 1997, and its members consist of 23 states, including Australia and India, of the Indian Ocean region. Also, China is an observer of the Iora, which is headquartered in Mauritius.
"It is China's counter initiative to the Iora as it wants to strengthen its position in the Indian Ocean region, which is very important considering the seaborne trade," said a foreign ministry official
According to the Iora, with over 80% of the world's seaborne trade in oil, and around 100,000 commercial vessels traversing the Indian Ocean per year, it is evident that these sea lanes are amongst the most vital in the world.
Prof Mustafizur Rahman, a distinguished fellow of the Centre for Policy Dialogue, highlighted China's geostrategic interest in various initiatives such as the Belt and Road Initiative (BRI), maritime endeavours, and the Silk Route.
"Bangladesh could consider engaging with multiple forums with an open mind, as long as there are no conflicting interests," he told The Business Standard replying to a query on whether Bangladesh should join a China-sponsored forum despite being a member of the Iora.
Bangladesh delays entry into China's ocean forum
Bangladesh has decided to abstain from joining the China-sponsored Indian Ocean Regional Forum, citing "geopolitical issues" that need to be examined further, according to foreign ministry officials. On 20 July 2023, the foreign ministry communicated its stance to the Economic Relations Division...
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China is interested in setting up an electric vehicle manufacturing factory in Bangladesh, Chinese Ambassador to Bangladesh Yao Wen said today.
"Our corporation, the long-term cooperation, is for the benefit of the people of Bangladesh. After the Padma Bridge, China wants to invest in infrastructure development in the western region. At the same time, investors are interested in working together with Bangladesh in the production of electric vehicles," he said while speaking to journalists after a meeting with Planning Minister MA Mannan at the Planning Ministry on Wednesday (16 August).
"As a long-time tested friend of Bangladesh, China will provide all possible cooperation in the development of bilateral trade relations. If Bangladesh goes from a less developed country to a developing country, China will allow quota-free trade facilities," the envoy said.
He also said China will allow Bangladesh tax benefits in the Chinese market following the country's graduation from the least developed countries (LDC) list in 2026.
China is not worried about Bangladesh's foreign debt repayment, he said.
Regarding further investments, Ambassador Yao Wen said China would like to invest more in projects in the southern regions of the country now that connectivity has improved because of the Padma Bridge.
When asked what is China's position in Bangladesh's upcoming national election, the envoy said, "China will not interfere in other countries' internal affairs."
"China will not interfere with the election, the people of Bangladesh will decide who will come to power in the next election," he added.
He also said China is interested in providing training for Bangladeshi personnel involved in long-term development projects.
"They [China] are experienced in many sectors. For example in the infrastructure sector. They can help us in that," Planning Minister MA Mannan said talking to journalists.
"We have discussed setting up an electric vehicle factory in the southern region of the country," he added.
Bangladesh considers China an important neighbour, the minister further said.
"China is an important friend of Bangladesh. We value it," he added.
www.tbsnews.net
"Our corporation, the long-term cooperation, is for the benefit of the people of Bangladesh. After the Padma Bridge, China wants to invest in infrastructure development in the western region. At the same time, investors are interested in working together with Bangladesh in the production of electric vehicles," he said while speaking to journalists after a meeting with Planning Minister MA Mannan at the Planning Ministry on Wednesday (16 August).
"As a long-time tested friend of Bangladesh, China will provide all possible cooperation in the development of bilateral trade relations. If Bangladesh goes from a less developed country to a developing country, China will allow quota-free trade facilities," the envoy said.
He also said China will allow Bangladesh tax benefits in the Chinese market following the country's graduation from the least developed countries (LDC) list in 2026.
China is not worried about Bangladesh's foreign debt repayment, he said.
Regarding further investments, Ambassador Yao Wen said China would like to invest more in projects in the southern regions of the country now that connectivity has improved because of the Padma Bridge.
When asked what is China's position in Bangladesh's upcoming national election, the envoy said, "China will not interfere in other countries' internal affairs."
"China will not interfere with the election, the people of Bangladesh will decide who will come to power in the next election," he added.
He also said China is interested in providing training for Bangladeshi personnel involved in long-term development projects.
"They [China] are experienced in many sectors. For example in the infrastructure sector. They can help us in that," Planning Minister MA Mannan said talking to journalists.
"We have discussed setting up an electric vehicle factory in the southern region of the country," he added.
Bangladesh considers China an important neighbour, the minister further said.
"China is an important friend of Bangladesh. We value it," he added.
China interested in setting up electric vehicle factory in Bangladesh: Envoy
Chinese envoy says his country won’t interfere with Bangladesh’s election
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China Road and Bridge Corporation (CRBC) has won the contract to set up "Chinese Economic and Industrial Zone (CEIZ)" in Chattogram as a Chinese government's nominated developer.
Committee on Economic Affairs in a meeting, with Finance Minister AHM Mustafa Kamal in the chair, gave in principle approval to a proposal of Bangladesh Economic Zone Authority (BEZA) to award the contract to the CRBC through direct procurement method (DPM).
The Chinese firm will establish the economic zone on a G2G basis on 784 acres of land in Anwara Upazila of Chattogram district.
The CRBC will also provide the necessary utility services along with the development of the economic zone.
Earlier in June 2014, Prime Minister Sheikh Hasina during her visit to China had offered the Chinese investors to set up an exclusive economic zone in Bangladesh.
She made her call while addressing the 9th China-South Asia Business Forum held at Haigeng Conference Centre in Kunming, China.
The Economic Zones Authority (BEZA), a government body under the Prime Minister's Office, also signed an agreement with the Commerce Ministry of China during the visit.
BEZA took up the plan to implement the project by June 2016.
As follow-up, on 15 September 2015, the Executive Committee of the National Economic Council (ECNEC) approved the proposed Economic and Industrial Zone involving Tk 420.37 crore exclusively for Chinese investors.
The approval was given to the project, officially known as Acquisition of Land for Development of Anwara-2 Economic Zone, at the 7th Ecnec meeting of the current fiscal year held at the NEC conference room held with Ecnec chairperson and Prime Minister Sheikh Hasina in the chair.
The project aims to create a congenial business environment for attracting Chinese companies there as well as creating scopes for jobs for ensuring sustainable economic development.
As per the deal signed with the Chinese Commerce Ministry, Bangladesh will provide land to Chinese investors on a long-term lease basis and a firm nominated by China will set up the economic zone on the land.
It was said during the deal that once the project is implemented, huge jobs will be created for Bangladeshis.
Meanwhile, the BEZA and the CRBC signed a memorandum of understanding (MoU) for the development of CEIZ in southeastern Bangladesh.
Under the MoU signed on 11 August 2022, the Chinese company was assigned to develop the economic and industrial zone dedicated to Chinese investors at Anwara some 242 km southeast of the capital Dhaka.
Chinese Ambassador to Bangladesh Li Jiming attended the signing ceremony, saying that the zone, as the first industrial park built by Chinese enterprises in Bangladesh, is of landmark significance.
Li said that economic cooperation between China and Bangladesh enjoys a sound foundation and broad prospects, and China will continue to encourage Chinese enterprises to cooperate with their Bangladeshi counterparts in more areas.
The ambassador expressed hope that more Chinese enterprises could participate in building more industrial parks in the future and further deepen economic and trade cooperation between the two countries.
The economic and industrial zone covering 778 acres is expected to generate 30,000 jobs, according to BEZA Executive Chairman Shaikh Yusuf Harun.
He said the zone is fully dedicated to Chinese entrepreneurs and investors.
Chemical, automobile assembly, garments and pharmaceutical factories will be built in the economic and industrial zone.
www.tbsnews.net
Committee on Economic Affairs in a meeting, with Finance Minister AHM Mustafa Kamal in the chair, gave in principle approval to a proposal of Bangladesh Economic Zone Authority (BEZA) to award the contract to the CRBC through direct procurement method (DPM).
The Chinese firm will establish the economic zone on a G2G basis on 784 acres of land in Anwara Upazila of Chattogram district.
The CRBC will also provide the necessary utility services along with the development of the economic zone.
Earlier in June 2014, Prime Minister Sheikh Hasina during her visit to China had offered the Chinese investors to set up an exclusive economic zone in Bangladesh.
She made her call while addressing the 9th China-South Asia Business Forum held at Haigeng Conference Centre in Kunming, China.
The Economic Zones Authority (BEZA), a government body under the Prime Minister's Office, also signed an agreement with the Commerce Ministry of China during the visit.
BEZA took up the plan to implement the project by June 2016.
As follow-up, on 15 September 2015, the Executive Committee of the National Economic Council (ECNEC) approved the proposed Economic and Industrial Zone involving Tk 420.37 crore exclusively for Chinese investors.
The approval was given to the project, officially known as Acquisition of Land for Development of Anwara-2 Economic Zone, at the 7th Ecnec meeting of the current fiscal year held at the NEC conference room held with Ecnec chairperson and Prime Minister Sheikh Hasina in the chair.
The project aims to create a congenial business environment for attracting Chinese companies there as well as creating scopes for jobs for ensuring sustainable economic development.
As per the deal signed with the Chinese Commerce Ministry, Bangladesh will provide land to Chinese investors on a long-term lease basis and a firm nominated by China will set up the economic zone on the land.
It was said during the deal that once the project is implemented, huge jobs will be created for Bangladeshis.
Meanwhile, the BEZA and the CRBC signed a memorandum of understanding (MoU) for the development of CEIZ in southeastern Bangladesh.
Under the MoU signed on 11 August 2022, the Chinese company was assigned to develop the economic and industrial zone dedicated to Chinese investors at Anwara some 242 km southeast of the capital Dhaka.
Chinese Ambassador to Bangladesh Li Jiming attended the signing ceremony, saying that the zone, as the first industrial park built by Chinese enterprises in Bangladesh, is of landmark significance.
Li said that economic cooperation between China and Bangladesh enjoys a sound foundation and broad prospects, and China will continue to encourage Chinese enterprises to cooperate with their Bangladeshi counterparts in more areas.
The ambassador expressed hope that more Chinese enterprises could participate in building more industrial parks in the future and further deepen economic and trade cooperation between the two countries.
The economic and industrial zone covering 778 acres is expected to generate 30,000 jobs, according to BEZA Executive Chairman Shaikh Yusuf Harun.
He said the zone is fully dedicated to Chinese entrepreneurs and investors.
Chemical, automobile assembly, garments and pharmaceutical factories will be built in the economic and industrial zone.
Chinese firm gets cabinet body’s nod to set up economic zone in Ctg
The Chinese firm will establish the economic zone on a G2G basis on 784 acres of land in Anwara upazila of Chattogram
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A consortium of Chinese and Bangladeshi engineering firms will construct the country's largest steel arch bridge, the Kewatkhali Bridge, in Mymensingh.
An agreement with the consortium, led by China State Construction Engineering Corporation with Spectra Engineers, Bangladesh, is to be signed next month, Project Director Noor E-Alam told The Business Standard.
The cabinet purchase body has already approved the proposal relating to the physical works, which will commence in October following the mobilisation of resources by the contractor, he added.
A deal worth Tk2,138 crore has been finalised for the construction package of the bridge, modelled after the Sydney Harbour Bridge.
The executive committee of the national economic council (Ecnec) approved the project at an estimated cost of Tk3,263.63 crore in August 2021.
The Asian Infrastructure Investment Bank will provide loans worth Tk1,909.80 crore and the government will provide the remaining amount from its own fund.
The main component of the project includes the construction of a 1.1km bridge, including a 320m steel arch bridge over the Brahmaputra River at Kewatkhali in Mymensingh.
The project also includes a 6.2km four-lane approach road with two separate lanes for slow-moving vehicles, three road overpasses with a combined length of 671m, two rail overpasses with a length of 120m each, a toll plaza, and a rest area adjacent to the bridge.
No piers will be used in the entire 320m steel arch main bridge. Only two piers will be set up near the banks of the river at both ends.
Officials of the Planning Commission said at least five to six piers would have been required if the bridge was built with existing methods. Doing so would have blocked the flow of the river.
Sources said this type of steel arch bridge has been installed on a small scale in various projects of the country, including the Hatirjheel project.
The project director told TBS that the CCGP earlier approved a proposal worth around Tk60 crore to recruit supervising consultants for the project.
He said the Joint Venture of LEA Associates South Asia Pvt Ltd, India, and Yongma Engineering Co Ltd, Korea, with subcontractors DeshUpodesh Ltd and Kranti Associates Ltd, Bangladesh, have started the works for reviewing design and supervising construction.
Why the need
The number of passengers from the local districts and upazilas towards Mymensingh has increased, causing traffic congestion in the city along with the bridge after the establishment of Mymensingh division in 2015 and City Corporation in 2018.
People from Mymensingh, Netrokona, Sherpur, Jamalpur and Kishoreganj districts travel to Dhaka using this route.
Officials of the Roads and Highways Department said the capacity of a two-lane bridge built in 1991 at Shambhuganj over Brahmaputra is significantly inadequate in meeting the growing traffic demand.
Therefore, the bridge is expected to ease the lives and livelihood of people in Mymensingh division and its adjacent areas by expanding the Mymensingh City Corporation, reducing traffic congestion as well as boosting regional trade and connectivity, they said.
"The Kewatkhali Bridge will be part of the Dhaka-Mymensingh-India border corridor, which is strategically important for both regional and local connectivity," the AIIB revealed in a report prepared to approve the loan proposal.
The bridge will facilitate the flow of traded goods to and from three land ports located along the northeast Indian border in Mymensingh Division, namely Nakugaon Land Port in Sherpur district, Gobrakura Land Port and Haluaghat Land Port in Mymensingh district, the report explained.
Mitigating other issues
Project Director Noor E-Alam said once the agreement is signed with the contractor, there will be no obstacle to starting the main work.
However, sources at the Road Transport and Highways Department said that due to some complications, initiatives are being taken to revise the project before the commencement of work.
For this purpose, the project authority will organise a meeting of the Departmental Project Evaluation Committee (DPEC) at the end of this month.
According to sources, under the project, money has been allocated for the salaries of officials, but there is no allocation for employees.
As a result, the salaries of two 14th-grade surveyors engaged in the project are not being paid.
Apart from this, the detailed cost estimate for land acquisition of the project is not yet available. And shifting utilities is spending more than the money allotted to the project.
According to sources, the meeting held under the chairmanship of Road Transport and Highways Department Secretary ABM Amin Ullah Noori will focus on the means of arriving at a solution to all these problems.
China-led consortium to build country's largest steel arch bridge
The main component of the project includes the construction of a 1.1km bridge, including a 320m steel arch bridge over the Brahmaputra River at Kewatkhali in Mymensingh
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Chinese President Xi Jinping assured that his country will always stay beside Bangladesh in its needs including providing support in joining the BRICS and ensuring permanent solution to the Rohingya issue.
"I will always support you (Sheikh Hasina) as you can join the BRICS," Foreign Minister Dr AK Abdul Momen quoted Xi as telling Bangladesh Prime Minister Sheikh Hasina during a bilateral talk on the sidelines of the 15th BRICS Summit.
The Chinese president also said, "China will help Bangladesh bring a permanent solution to the Rohingya issue---we don't want instability in the region".
After the meeting at the Hotel Hilton Sandton here last (Wednesday) evening, Momen said in a media briefing that Xi wants to resolve the Rohingya issue through tripartite engagement of China, Bangladesh and Myanmar.
According to Momen, the Bangladesh premier said her government wants to repatriate Rohingyas to their homeland citing that the displaced Myanmar nationals are becoming threats for regional peace as many of them are engaged in illegal drugs and arms trading.
"Peace is imperative for development," Sheikh Hasina said.
The Chinese president assured that they will always support Bangladesh in solving the Rohingya issue, expressing his country's keenness to help Dhaka in the development of energy, renewable energy and infrastructure.
Xi also gave assurance of cooperation in making Bangladesh a developed and prosperous Sonar Bangla.
He continued: "China will help you to materialise your dream to build a developed and prosperous 'Sonar Bangla' at the quickest possible time."
Sheikh Hasina has sought Xi's help in quick implementation of some Chinese funded projects which are now being stuck for fund crisis while the Chinese president assured of looking into the matter.
During the talks, the prime minister stressed the need for reducing the trade gap between Bangladesh and China citing that Bangladesh imports Chinese goods worth about $20 billion every year while China imports Bangladeshi goods worth only $700 million.
The Chinese president then assured of taking initiative to reduce the imbalance in China-Bangladesh trade.
He said his country has given duty and quota free access of 98% Bangladeshi products to the Chinese market.
"The trade gap between Bangladesh and China will be reduced if some Chinese investments come into Bangladesh," Sheikh Hasina said.
She also stressed the need for signing the Preferential Trade Agreement (PTA) between the two countries.
In reply, the Chinese president said, "We will take measures to quicken the signing of the Preferential Trade Agreement between the two countries."
Momen also said Bangladesh in the bilateral meeting has expressed its eagerness to export fresh fruits such as mango, jackfruit, guava, fresh vegetables, cattle and poultry feeds to China.
The Chinese president assured Bangladesh of considering the issue prominently, the Bangladesh foreign minister said.
The Bangladesh premier also invited the Chinese president to visit Bangladesh to witness the opening of the Padma Rail Bridge to be held in October next.
In reply, the Chinese president said, "I will definitely come to your country. But the time of visit will be fixed through talks between foreign ministers of both the countries".
Xi also invited the Bangladesh premier to visit China while Sheikh Hasina said she will visit China, but it may take time as she will be busy with the polls campaign as the national election is knocking at the door, Momen said.
The Bangladesh premier also urged the Chinese president to widen the scope for Bangladeshi students to study in China while Xi assured of looking into the matter.
Sheikh Hasina arrived in Johannesburg on 22 August to attend the BRICS summit being held on 22-24 August.
She will deliver a speech today on behalf of Bangladesh as a member of the "New Development Bank of BRICS" at Friends of BRICS Leaders Dialogue (BRICS-Africa Outreach and the BRICS Plus Dialogues) comprising representatives from 70 countries.
Chinese President Xi Jinping arrived in South Africa at midnight on Monday.
Foreign Minister Dr AK Abdul Momen, Prime Minister's Private Industry and Investment Adviser Salman Fazlur Rahman, PM's daughter and Thematic Ambassador of Climate Vulnerable Forum and Chairperson of the National Advisory Committee for Autism and Neurodevelopmental Disorders Saima Wazed, PM's Principal Secretary Md Tofazzel Hossain Miah and Senior Secretary of Foreign Affairs Masud Bin Momen, were present at the meeting.
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"I will always support you (Sheikh Hasina) as you can join the BRICS," Foreign Minister Dr AK Abdul Momen quoted Xi as telling Bangladesh Prime Minister Sheikh Hasina during a bilateral talk on the sidelines of the 15th BRICS Summit.
The Chinese president also said, "China will help Bangladesh bring a permanent solution to the Rohingya issue---we don't want instability in the region".
After the meeting at the Hotel Hilton Sandton here last (Wednesday) evening, Momen said in a media briefing that Xi wants to resolve the Rohingya issue through tripartite engagement of China, Bangladesh and Myanmar.
According to Momen, the Bangladesh premier said her government wants to repatriate Rohingyas to their homeland citing that the displaced Myanmar nationals are becoming threats for regional peace as many of them are engaged in illegal drugs and arms trading.
"Peace is imperative for development," Sheikh Hasina said.
The Chinese president assured that they will always support Bangladesh in solving the Rohingya issue, expressing his country's keenness to help Dhaka in the development of energy, renewable energy and infrastructure.
Xi also gave assurance of cooperation in making Bangladesh a developed and prosperous Sonar Bangla.
He continued: "China will help you to materialise your dream to build a developed and prosperous 'Sonar Bangla' at the quickest possible time."
Sheikh Hasina has sought Xi's help in quick implementation of some Chinese funded projects which are now being stuck for fund crisis while the Chinese president assured of looking into the matter.
During the talks, the prime minister stressed the need for reducing the trade gap between Bangladesh and China citing that Bangladesh imports Chinese goods worth about $20 billion every year while China imports Bangladeshi goods worth only $700 million.
The Chinese president then assured of taking initiative to reduce the imbalance in China-Bangladesh trade.
He said his country has given duty and quota free access of 98% Bangladeshi products to the Chinese market.
"The trade gap between Bangladesh and China will be reduced if some Chinese investments come into Bangladesh," Sheikh Hasina said.
She also stressed the need for signing the Preferential Trade Agreement (PTA) between the two countries.
In reply, the Chinese president said, "We will take measures to quicken the signing of the Preferential Trade Agreement between the two countries."
Momen also said Bangladesh in the bilateral meeting has expressed its eagerness to export fresh fruits such as mango, jackfruit, guava, fresh vegetables, cattle and poultry feeds to China.
The Chinese president assured Bangladesh of considering the issue prominently, the Bangladesh foreign minister said.
The Bangladesh premier also invited the Chinese president to visit Bangladesh to witness the opening of the Padma Rail Bridge to be held in October next.
In reply, the Chinese president said, "I will definitely come to your country. But the time of visit will be fixed through talks between foreign ministers of both the countries".
Xi also invited the Bangladesh premier to visit China while Sheikh Hasina said she will visit China, but it may take time as she will be busy with the polls campaign as the national election is knocking at the door, Momen said.
The Bangladesh premier also urged the Chinese president to widen the scope for Bangladeshi students to study in China while Xi assured of looking into the matter.
Sheikh Hasina arrived in Johannesburg on 22 August to attend the BRICS summit being held on 22-24 August.
She will deliver a speech today on behalf of Bangladesh as a member of the "New Development Bank of BRICS" at Friends of BRICS Leaders Dialogue (BRICS-Africa Outreach and the BRICS Plus Dialogues) comprising representatives from 70 countries.
Chinese President Xi Jinping arrived in South Africa at midnight on Monday.
Foreign Minister Dr AK Abdul Momen, Prime Minister's Private Industry and Investment Adviser Salman Fazlur Rahman, PM's daughter and Thematic Ambassador of Climate Vulnerable Forum and Chairperson of the National Advisory Committee for Autism and Neurodevelopmental Disorders Saima Wazed, PM's Principal Secretary Md Tofazzel Hossain Miah and Senior Secretary of Foreign Affairs Masud Bin Momen, were present at the meeting.
Xi assures Bangladesh of support in joining BRICS, solving Rohingya issue
Chinese President Xi Jinping assured that his country will always stay beside Bangladesh in its needs including providing support in joining the BRICS and ensuring permanent solution to the Rohingya issue. "I will always support you (Sheikh Hasina) as you can join the BRICS," Foreign Minister Dr...
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Despite the slow disbursement of funds in ongoing China-funded projects within the country, another Chinese company has now presented a substantial investment proposition amounting to around Tk1 lakh crore or around $9 billion for two mega projects.
During the visit of Chinese President Xi Jinping to Bangladesh in 2016, an MoU for 27 projects worth about $20 billion was signed. Loan agreement was signed for nine of the projects worth $8.08 billion, out of which only $4.47 billion has been disbursed till 30 June 2023.
Now, China Road and Bridge Corporation (CRBC), an engineering and construction company based in Beijing, has come up with this huge investment proposal to develop two innovative smart cities in Keraniganj and Ashulia.
Out of the proposed investment, Tk52,000 crore has been estimated for the Waterfront Smart City Project in Keraniganj, adjacent to the Dhaka-Mawa expressway.
Additionally, Tk47,000 crore has been proposed for the Conservation of Flood Flow Zone of Turag River and Compact Township Development Project in Ashulia.
The feasibility study and comprehensive environmental survey for both of these projects have already been completed with the funding of CRBC, sources say.
Experts say the Chinese company has already secured the contract for constructing the Chinese Economic Zone in Anwara, Chattogram. If the company also gets the contracts for the mega projects in Keraniganj and Turag, it could potentially lead to project delays.
They also raised questions about the credibility of having the investing company itself conduct the feasibility study for the projects.
Zahid Hussain, former lead economist of the World Bank's Dhaka office, told The Business Standard, that if the project is implemented through CRBC's financing based on the feasibility study conducted by them, the entire liability will later fall on the government, which will not be a good position to be in.
He highlighted that mega projects of this nature should ideally be carried out by a company selected through a transparent tender process, backed by an independent feasibility study. This approach would ensure a more rational assessment.
"When the feasibility study is conducted by parties invested in both financing and execution, there exists a risk that if the study does not portray the project as financially viable, it might not proceed. In such a scenario, the absence of a project could result in a lack of work opportunities. This situation could potentially lead to a feasibility study being influenced by future contract considerations," he said.
Project details
Officials said the Keraniganj project, situated adjacent to Rajuk's Jhilmil Project along the Dhaka-Mawa expressway, will encompass an expansive area of around 5,019 acres.
On the other hand, the Turag project occupies a strategic position within the catchment region of the Turag River, encompassing a sprawling area of 9,519 acres.
Both of these projects will be implemented in four phases.
The total expenditure for the 15-year implementation of the Keraniganj project has been projected at Tk52,000 crore. Within this allocation, land acquisition is estimated to consume Tk7,000 crore, while the subsequent land development phase is expected to cost Tk17,000 crore. The proposed smart city will have small apartments developed for low-income people.
Conversely, the Turag project is primarily conceived to safeguard the flood flow region, with a substantial 62% of the space designated for water bodies preservation. Within the remaining 38% of the area, Rajuk is slated to establish a condensed township, of which 8% will be allocated as green space.
The remaining 30% will accommodate the creation of residential and commercial structures, along with additional recreational amenities. The anticipated implementation cost for this project is estimated at Tk47,000 crore.
Inter-ministerial meeting
On 25 July, an inter-ministerial meeting was held in this regard with the participation of officials from the finance division, housing and public works ministry, Rajdhani Unnyayan Kartripakkha (Rajuk), Economic Relations Division, and representatives from the Chinese company.
During this meeting, CRBC presented a comprehensive investment framework agreement designed for the execution of the two ambitious projects.
Within the proposal, a range of six different models, in accordance with the legal framework of Bangladesh, were suggested. These models encompass various approaches such as Government-to-Government (G2G), Public-Private Partnership (PPP), and joint ventures, said sources involved in the meeting.
An inter-ministerial committee has also been formed led by Sayed Mamunul Alam, additional secretary (Development-1) of the Ministry of Housing and Public Works to review the CRBC Investment Framework Agreement proposal. The committee will review CRBC's proposal and submit a report within the next month.
Sayed Mamunul Alam told The Business Standard that a committee meeting had taken place, and several more such meetings are scheduled. "However, as of now, there has not been any significant progress to report regarding these two projects."
He added, "Rajuk is ready to spearhead their implementation of the projects."
Back in 2019, a memorandum of understanding (MoU) was signed between Rajuk and the Chinese company to initiate the feasibility studies for these two projects. The comprehensive feasibility and environmental assessments for both endeavours have already been concluded.
On 10 July this year, a presentation based on the Environmental Impact Assessment Report was delivered, gaining the approval of the Department of Environment.
Environmental concerns
In 2019, when Rajuk entered into an MoU with CRBC to evaluate the feasibility of the two proposed projects, it faced opposition from several environmental groups.
The groups expressed concerns that the execution of these projects could lead to the filling up of water reservoirs and a reduction in open spaces, thereby potentially resulting in significant adverse environmental consequences.
On 25 May 2022, the Ministry of Housing and Public Works along with Rajuk delivered a presentation on the two prospective projects to Prime Minister Sheikh Hasina at the Ganabhaban.
The prime minister directed that the projects be implemented with due regard to all environmental issues.
Chinese firm offers Tk1 lakh crore mega project for 2 smart cities
Despite the slow disbursement of funds in ongoing China-funded projects within the country, another Chinese company has now presented a substantial investment proposition amounting to around Tk1 lakh crore or around $9 billion for two mega projects. During the visit of Chinese President Xi...
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The government is set to submit a formal proposal to China, seeking a loan for the construction of a broad gauge rail line from Faridpur's Bhanga to Payra seaport in Patuakhali via Barishal, a crucial step towards integrating the South into the expanding railway network and optimising the advantages of the Padma Bridge.
Once completed, the 214.91-kilometre rail network is expected to unlock the vast economic potential of the region by boosting connectivity between the capital and the southern districts of Barishal, according to officials at the Bangladesh Railway.
Professor Shamsul Hoque of the Bangladesh University of Engineering and Technology (Buet) said the introduction of new infrastructure to an underdeveloped region holds great potential. However, the focus should primarily be on freight transportation. Otherwise, this substantial investment may not yield significant returns from passenger services.
"According to the final survey report of Payra Port, its success depends on interlink connectivity. Along with the rail link, a dedicated freight corridor should also be established with the port," he told The Business Standard.
The transport expert said a special economic zone is also being developed next to Payra Port, with many more development projects underway in the Patuakhali-Barishal region. These projects include coal-fired power plants.
"Payra Port is expected to be profitable for handling certain captive cargo. Additionally, establishing interlink connectivity in the form of multimodal transportation is essential. This requires the establishment of rail, road, and river connections. Consequently, the port will require rail connectivity to ensure its viability," he added.
In April 2022, the government sent a proposal to various development agencies, seeking financing for the project. However, there has been no response for nearly a year and a half.
However, state-owned China Railway Design Corporation earlier this year expressed its interest in constructing and financing the railway line and also made a presentation in this regard at the Railway Bhaban, said SM Salimullah Bahar, chief planning officer of the Bangladesh Railway.
Based on this, a letter has been sent to the Economic Relations Division (ERD) to initiate discussions with the Chinese authorities.
According to a three-year survey conducted by the railway authorities, the project will cost Tk41,797.60 crore, and Tk32,199 crore has been proposed to be financed from foreign loans.
"The ERD, as the government's responsible institution for foreign debt, will make the final decision after reviewing the loan conditions and other issues," said the chief planning officer.
ERD officials said necessary measures will be taken after reviewing the proposal.
According to the proposal, the Chinese company will jointly arrange finance for the network and also conduct engineering, procurement, and construction along with its partner, China Harbour Engineering Company Limited.
As per the proposal from the Chinese company to the Bangladesh Railway, the loan will be repaid in 30 years. The grace period will be seven years, with an interest rate of around 2%.
Yunus Mohammad, a senior research fellow at the Bangladesh Institute of Development Studies, said the master plan for railways includes a proposal to construct railways in the Barishal region. However, this plan could not be implemented due to various reasons.
He said that, usually, projects of this magnitude are financed by development partners. Loans are often sought from these partners to support a variety of projects. Many projects, however, do not receive prioritisation from the government for a range of reasons. This can stem from pressure exerted by influential individuals or political considerations.
"As a result, it is evident that loans are being acquired for rural development projects rather than railway projects. Some railway projects remain stagnant for prolonged periods despite initial efforts, primarily due to their lack of prioritisation on the list of important initiatives," he added.
Railway officials said the feasibility study for constructing the railway line was concluded in June last year. Nevertheless, even as the study reached its final stages, a preliminary development project proposal was forwarded to different partner agencies through the ERD for funding.
The railway authorities have set a goal to complete the construction of the 214.91-kilometre rail line by 2029.
This rail route will have 19 stations in Bhanga Junction, Boroitala, Tekerhat, Madaripur, Kalkini, Gournadi, Wazirpur, Barishal Airport, Barishal City, Dapdapia, Bakerganj, Badarpur, Patuakhali, Kukua, Amtali, Payra Bandar, Payra Bandar Yard, Lemupara, and Kuakata.
Officials said the railway line will require the construction of bridges over the Kumar, Kaliganga, Kirtankhola, Payra, Andharmanik, and Tiakhali rivers.
According to railway sources, UK-based IM Power Plc had earlier offered to invest in this rail line's construction. Australian company Providus Investments had also expressed interest in this project, but their interest did not last long.
Bhanga-Barishal-Payra rail line: Govt to submit proposal for Chinese loan
The 214.91-kilometre rail network is expected to unlock the vast economic potential of the region by boosting connectivity between the capital and the southern districts of Barishal
