Bangladesh business community plans to propose to their Chinese counterpart to investment more in some priority sectors during the upcoming visit of China's president which is expected to yield huge development finances.
President Xi Jinping is coming to Dhaka on October 14 on a two-day visit, preceding his India tour to attend a summit meet of the emerging bloc BRICS (Brazil-Russia-India-China-South Africa).
Many in diplomatic circles in Dhaka believe his visit will take the Bangladesh-China relationship to a "new height".
Around 100 Chinese businesspersons will be accompanying their president on his Bangladesh trip with a business-crammed agenda, sources in the business circles said.
The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) will hold a business-to-business (B2B) meeting with their Chinese counterpart, according to sources in the apex trade body.
First Vice-President of FBCCI Md Shafiul Islam Mohiuddin said they would propose to their Chinese counterpart to investment in a bigger way in the infrastructure sector of Bangladesh.
"We will propose to the Chinese entrepreneurs to investment more in the country's infrastructure sector," he told the FE.
They will also discuss the revival of the historic 'Silk Route' for ensuring better connectivity among Bangladesh, Myanmar, China and other countries.
Acting president of Dhaka Chamber of Commerce and Industry (DCCI) Humayun Rashid said the DCCI is set to propose that Chinese investors invest in the readymade garment (RMG) value addition, leather and leather goods, agricultural produce, shipbuilding and skill development sectors.
"The Chinese entrepreneurs will get good dividend if they invest in Bangladesh considering competitive labour price and existing investment-friendly climate in Bangladesh," he said.
During the Chinese president's visit, a record amount worth of loan agreements are expected to be signed, according to government circles.
China is expected to unveil a package of lending Bangladesh US $40 billion during President Xi Jinping's Dhaka visit.
A total of 21 projects are on their wish list for investment in Bangladesh. The sectors include communications (rail and road transport), power, fuel, information technology, skill development and ICT.
Of these projects, the estimated loan to come for the Padma Bridge rail-link project is $2.57 billion, Dhaka-Chittagong railway project $3.03 billion, Dhaka-Ashulia elevated expressway $1.39 billion, Sitakunda-Cox's Bazar marine drive expressway and coastal protection project $2.85 billion and four-lane Dhaka-Sylhet highway project $ 1.6 billion.
The projects on the list also include $2.3 billion expansion and strengthening of power-system network under the DPDC and $1.32 billion power grid network-strengthening project under the PGCB.
The ICT project that is likely to get $1 billion in credits from China is about establishing digital connectivity.
President Xi Jinping and Prime Minister Sheikh Hasina are expected to lay the foundation of two mega projects -- Chinese Special Economic and Industrial Zone (CSEIZ) and Karnaphuli River Tunnel -- on October 14.
China will provide Tk 360 billion worth of credits for financing the two projects.
Out of the amount, Tk 200 billion goes for building tunnel under the river Karnaphuli and Tk 160 billion for special economic and industrial zone for Chinese entrepreneurs.
Bangladesh imports cotton (all types), cotton yarn/ thread, boiler machinery and mechanical appliances, electrical machinery and equipment, organic chemicals etc from China -- present world's second-largest economy.
The exportable to China are woven garments, knitwear, home textiles, farm produce, frozen foods, leather and leather goods, raw jute and jute goods etc.
Bangladesh imported goods worth $ 8232.99 million (over 8.23 billion) from China while its exports fetched $791.00 million during the fiscal year (FY) 2014-15.
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