Describing China as Bangladesh’s largest trading partner, Commerce Adviser Sk Bashir Uddin on Friday said they must identify which intermediate industrial products can be manufactured in Bangladesh today, as this will strengthen the competitiveness of their industrial sector.
"Bangladesh imports goods worth over $22 billion from China. Unfortunately, our exports come nowhere close to matching our imports from China. China is one of the most competitive sources for our imports," he said at the event in the capital.
The adviser said Chinese Ambassador to Bangladesh Yao Wen has taken many initiatives to diversify the export potential, including promoting exports like mangoes, but they still have much more to do.
The adviser also emphasised fostering trade and investment between the two countries, and sought collective efforts.
In order to comprehensively showcase the achievements of the Belt and Road Initiative (BRI) cooperation between Bangladesh and China, the second edition of the exhibition was inaugurated at the International Convention City Bashundhara (ICCB).
The Commerce Adviser inaugurated the two-day exhibition while Chinese Ambassador to Bangladesh Yao Wen, Power, Energy and Mineral Additional Secretary Md Sobur Hossain, Additional Secretary & Wing Chief Economic Relation Division of Finance Ministry Mirana Mahrukh, and president of Chinese Enterprises Association in Bangladesh (CEAB) Han Kun, among others, were also present.
Bashir Uddin said the road safety situation in Bangladesh is extremely alarming and the number of people who die on roads every year is staggering and they all feel very unsafe because of the highly unsafe commercial vehicles in the country.
“We really need to improve this situation, and China can help us a lot in this regard. I was suggesting—why don’t some good Chinese companies come to Bangladesh and manufacture quality trucks? We have a large market. So, we need to utilize all the components of our nearly half-a-trillion-dollar economy and turn it into a one-trillion-dollar economy as soon as possible,” he said.
Chinese Ambassador Yao said Bangladesh is the first country among the south Asian countries who responded to the BRI and it makes a new dimension.
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“China has taken economic and socio-economic development initiatives over the past 50 years. During the interim government, China has become a largest source of investment in Bangladesh. In the first half of this year, China's investment in Bangladesh increased by 254.3% since August last year,” he said.
China is ready to cooperate with Bangladesh in trade and investment, he added.
Md Sobur Hossain urged Chinese investors to invest in the renewable energy sector in Bangladesh and take its opportunity.
Mirana Mahrukh said Bangladesh wants to strengthen the existing relationship with China. “We are committed to building a discrimination free Bangladesh. So, we need cooperation” she added.
A total of 80 booths from 40 companies took part in the exhibition. Of this, 32 Chinese companies attended there.
This international exhibition aims to boost Bangladesh–China cooperation in key sectors such as infrastructure, technology, energy, healthcare, logistics, and manufacturing. It features high-level B2B and G2B networking, and insightful seminars on trade, investment, and innovation.