Friendship not based on 'geopolitical equation'

As a strategic partner in cooperation, China will stand by Bangladesh to help address developmental challenges, says Chinese envoy in Dhaka Yao Wen.

"But this help will depend on the request of the Bangladesh government. We need to know what kinds of assistance are required," he said while responding to a question during an exclusive interview with the FE recently.

The Ambassador said that China's friendship with Bangladesh is based on mutual partnership and shared interests, not on any geopolitical equation.

According to Mr. Yao, Bangladesh needs to gear up efforts to diversify its export baskets to avoid too much dependence on any single product.

Apparel has over 85-percent share in Bangladesh's export basket and any impediment from the western buyers on this product can cause economic vulnerability as the USA and the EU are the destinations of nearly 100 per cent of Bangladesh's RMG exports .

In this connection, the Chinese Ambassador said that China has started the process to help Bangladesh in diversifying its export base .

A lot of Chinese investors are visiting Bangladesh to explore the possibility of creating base for new exportables.

Already over 670 Chinese companies have made their presence in Bangladesh and many of them are involved in manufacturing new products, he said.

He mentioned that Bangladesh is in a better position in managing economy among countries in the region.

The envoy also maintained that the upcoming 2026 will be crucial for Bangladesh as it will be elevated from the LDC status that year, losing many duty and tariff facilities.

China intends to sign free trade agreement with Bangladesh before the graduation so that it will have duty free market access to Chinese market, the Ambassador said.

When he was reminded that Bangladesh's export to China is of very insignificant amount, he said that Bangladesh can look for items which has huge demand in China.

"For example, we have demand for huge amount of mango, and Bangladesh is a major mango producing country. So, you can explore such opportunity," he argued.

He also mentioned that Bangladesh can start electric vehicles manufacturing and China is interested in investing in this sector.