Beijing, Sep 25 (AP/UNB) — A Chinese trade envoy says talks with Washington are impossible while the United States "holds a knife" to Beijing's neck by imposing tariff hikes.
The deputy commerce minister's warning Tuesday followed Beijing's release of a report accusing President Donald Trump of bullying other countries and disrupting the global economy.
The report dampened hopes for progress toward settling the dispute over Beijing's technology policy. Both sides have raised tariffs on billions of dollars of each other's goods.
Wang Shouwen said Beijing is open to talks but said, "now that the United States has adopted such large-scale restrictive measures and holds a knife to another's neck, how can negotiations proceed? It would not be negotiations of equality."
Dhaka, Sep 24 (UNB) - Government officials at a workshop in the city urged the Chinese investors to invest in the country’s power sector.
“The country needs on an average $9 billion in power sector each year up to 2041” said Rahmat Ullah Mohd Dastagir, additional secretary of the Power Division, while making his presentation at the workshop on Bangladesh -China power cooperation at a city hotel.
The Chinese Embassy in Dhaka organised the workshop titled: “Bangladesh Power Development and Cooperation between Bangladesh and China” with Chinese Economic and Commercial Counsellor in Dhaka Li Guangjun in the chair.
Officials of different Chinese companies willing to invest in Bangladesh and officials of Power Division and its subordinate entities in power sector attended the workshop to share experiences and learn about the investment procedures in Bangladesh.
Joint secretary of the Power Division Mohammad Alauddin also spoke on the occasion.
Dastagir said there is a total $216 billion investment potential in power sector up to 2041 as per the government plan.
Of the total amount, $150 billion investment is required for power generation, $31 billion for transmission and $35 billion for distribution, he added.
He also said that Bangladesh is keenly interested to import hydro electricity from China as it plans to import electricity from neighbouring countries like India, Nepal and Bhutan.
He mentioned that a Chinese company has already offered to export power from Kunming of China through Myanmar.
“We want the company should work on the issue as Myanmar is involved in the plan”, he said adding that the proposal says some 4000 MW of electricity will be supplied from China of which Bangladesh will get 3000 MW while Myanmar will receive 1000 MW.
He said a conducive environment is prevailing in Bangladesh for foreign direct investment (FDI) in power sector as the government provides sovereign guarantee to the investors for their investment.
He also mentioned that the power sector investors get 15 years corporate tax holiday and also 10 year tax holiday for equipment import.
Mohammad Alauddin said renewable energy has been a very potential sector for Chinese investment that the country plans to generate 14,000 MW of renewable energy including solar, wind and other options.
He said the government has a commitment to the Sustainable Development Goals (DSGs) which has determined ensuring peoples’ access to clean energy.
He also mentioned that recently introduced net metering policy in solar power created a huge opportunity for Chinese investors as local industries don’t have necessarily experience in the sector.
Chinese Embassy’s Economic and Commercial Counsellor Li Guangjun said that his country has achieved the highest development in power sector in the world as the country now has surplus power generation.
“So, Bangladesh can be benefited by sharing Chinese experiences in power sector development”, he said.
He said many Chinese companies are willing to invest in Bangladesh.
Beijing, Sep 24 (AP/UNB) — China raised tariffs Monday on thousands of U.S. goods in an escalation of its fight with President Donald Trump over technology policy and accused Washington of bullying Beijing and damaging the global economy.
The General Administration of Customs said it started collecting additional taxes of 5 and 10 percent on $60 billion of goods at noon. That coincided with the time for Trump's planned tariff hike on $200 billion of Chinese imports to take effect, but there was no immediate U.S. government confirmation it was collecting the higher charges.
The two governments imposed 25 percent penalty taxes on $50 billion of each other's goods in July in their first round of their fight over U.S. complaints about Beijing's plans for state-led creation of robotics and other technology industries.
The United States, Europe and other trading partners say Beijing's industry plans violate its free-trade obligations. American officials complain they are based on stealing foreign know-how and worry they might erode U.S. industrial leadership.
Monday's tariff increase followed a report by The Wall Street Journal that Chinese officials pulled out of a meeting to discuss arrangements for a new round of talks proposed by Washington. The Chinese government had given no public indication whether it would accept the invitation.
Also Monday, the Chinese government accused the Trump administration in a report of "trade bullyism" and said its "improper practices" are damaging the global economy.
The report accused the Trump administration of abandoning "mutual respect" and mechanisms set up to address trade disputes.
"It has brazenly preached unilateralism, protectionism and economic hegemony, making false accusations against many countries and regions, particularly China, intimidating other countries through economic measures such as imposing tariffs, and attempting to impose its own interests on China through extreme pressure," the report said.
Algiers, Sep 24 (AP/UNB)— A meeting of OPEC and its allies ended without any decision to further increase oil output despite President Donald Trump's call for lower prices.
Members of the Organization of the Petroleum Exporting Countries met on Sunday in Algiers with non-members including Russia.
The committee said in a statement that it was satisfied "regarding the current oil market outlook, with an overall healthy balance between supply and demand."
It also urged "countries with spare capacity to work with customers to meet their demand during the remaining month of 2018."
Trump has been calling publicly for OPEC to help lower prices by producing more.
"We protect the countries of the Middle East, they would not be safe for very long without us, and yet they continue to push for higher and higher oil prices!" he tweeted on Thursday.
The price rise is notably caused by a recent drop in Iran's supply because of U.S. sanctions.
OPEC and Russia have capped production since January 2017 to bolster prices. Output fell below those targets this year, and in June the same countries agreed to boost the oil supply.
Saudi Arabia Energy Minister Khalid al-Falih told reporters that participating countries have provided over the last three months "a lot of supply to offset decreases" in Iran, Venezuela and Mexico. "Markets are quite balanced today, there's plenty of supply to meet any customer that needs it."
Also Sunday, OPEC released its World Oil Outlook 2040 report.
The cartel says that China and India will drive growth in energy demand through 2040, and that oil will continue to remain the biggest source of energy despite a global push for cleaner resources. Oil demand is forecast to increase by 14.5 million barrels a day to a total of 111.7 million barrels in 2040, driven by an expanding middle class and economic growth in developing countries.
The U.S., which isn't an OPEC member and has in recent years seen a renewed boom in shale oil, will continue to grow as a crude producer, peaking in the late 2020s. That suggests OPEC's power to influence the market will be tempered by U.S. production for about another decade.
Dhaka, Sept 23 (UNB) – Bangladesh has invited Qatari investors to invest in Bangladesh saying the government is ready to offer one or more Special Economic Zones for Qatari investors exclusively which they can develop and operate as per their own desires and needs.
“Qatari business leaders can take advantage of the most liberal investment policy of Bangladesh among the South Asian countries and the comparative advantage in terms of market access, trainable and competitive youth workforce and competitive wages,” said State Minister for Foreign Affairs M Shahriar Alam.
He invited them to invest in capital market, energy, telecommunications and IT, petrochemicals, pharmaceuticals, ship building, agro-processing, human resource development, water and marine and other infrastructure projects, hi-tech manufacturing and microprocessors in Bangladesh.
The State Minister was addressing a seminar on ‘Foreign Direct Investment Opportunities in Bangladesh’ at the Ritz Carlton Hotel in Doha on Saturday as the chief guest.
Bangladesh Forum Qatar in cooperation with the Qatar Financial Centre (QFC) organised the seminar, said a PID handout on Sunday.
The State Minister said Bangladesh already crossed the LDC threshold in March this year and is on the track to be a developed country by 2041.
He cited few examples of global thinktanks and research organisations which made very positive statements about the consistent economic progress of Bangladesh and her bright position in future in the global economy.
The State Minister told the Qatari business leaders that there are eight fully operational EPZs in Bangladesh and 100 Special Economic Zones are under process in different parts of the country.
He said Bangladesh Government is ready to offer one or more Special Economic Zones for Qatari investors exclusively which they can develop and operate as per their own desires and needs.
Bangladesh Ambassador to Qatar Ashud Ahmed highlighted that the growing Bangladeshi community in Qatar has been contributing not only to people to people contacts between two countries but also contributing to the development of trade and investment.
He said Bangladesh Embassy is always ready in patronising such an initiative. He expressed his optimism that such initiatives by the Bangladeshi community in Qatar would provide excellent platform for projecting Bangladesh’s investment potentials among the Qatari business leaders and investors and contribute to the strengthening bilateral relations of two brotherly countries.
Chief Executive Officer of the Qatar Financial Centre (QFC) Yousuf Al Jaida commented that the seminar was an eye-opener for Qatari Business leaders and prospective investors who did not know much about Bangladesh, particularly what Bangladesh can offer for the Qatari investors.
He said the seminar is a way forward to making partnership with Bangladesh.
Head of Business of the Qatar Investment Authority (QIA) Sheikh Abdul Aziz Al Thani met the Bangladesh State Minister as well as the BIDA Executive Chairman in a separate meeting before the seminar.
QIA expressed its interest to send a business delegation to Bangladesh receiving formal invitation from Bangladesh and work with BIDA to find out new avenues for Qatari investment in Bangladesh.