BD should get due share of China\\\'s $10t imports, $500b investment

Chinese Ambassador to Bangladesh Li Jun said Thursday Bangladesh should take right steps to get a proper share of China's massive outbound investments and imports in the coming years to lessen Dhaka's trade deficit.
He also observed that Bangladesh could be a great business hub once the BCIM (Bangladesh, China, India and Myanmar) economic corridor is effectively implemented because of its key geographical location that connects South and Southeast Asia.
"It is projected that in the coming five years, China's import will reach some US$ 10 trillion and outbound investment will reach US$ 500 billion and the number of its tourists may well exceed 400 million. What I'm interested in most and working hard for is that Bangladesh deserves to have a proper share," the Chinese envoy said.
The Chinese diplomat made the remarks at a DCAB Talk organised by Diplomatic Correspondents Association, Bangladesh (DCAB) at the Jatiya Press Club in the morning.
During the interactions, he focused on three topics - what is happening in China, why Bangladesh matters to it, what is happening in China and the reality and prospects of bilateral cooperation between the two countries.
Terming Bangladesh a great destination for Chinese investment, he suggested that the government should take proper initiatives to attract Chinese investors.
 "For an even easier access for the investors, an exclusive EPZ (Export Processing Zone) is needed and I propose a study for FTA (Free Trade Agreement) between the two countries to this effect," he said.
Citing some achievements made by Bangladesh in areas of agriculture, readymade garment (RMG) and foreign currency reserve, he said the bilateral trade volume reached US$ 10.30 billion last year.
 "But due to implementation of duty-free treatment provided by China and its economic structural adjustment, Bangladesh's export growth to China is 4 points higher than the general growth rate," he said. The Chinese investment in Bangladesh has reached nearly US$ 1.0 billion mark.
He said the current Chinese government has taken huge reforms in 15 sectors covering politics, economy, social development, culture and ecology, aiming to double both China's GDP (Gross Domestic Product) and per capita income by 2020 compared to that of 2010.
"We all know that Bangladesh has also an ambition of achieving the status of middle income nation by 2021. So, we can share and support each other in this connection to fulfil the vision," the Chinese envoy said.
The envoy who took charge in 2012, said two key engines - at bilateral and regional levels - will drive the Bangladesh-China cooperation to a new height in the coming years.
 "At bilateral level, two waves will certainly happen. One is Chinese investment and the other is infrastructure construction cooperation," he said.
He said his country recently received a set of 14 soft loan projects for US$ 8.60 billion from Bangladesh. "We're working on that," he said.
About installation of deep sea port in Sonadia, Li Jun said some Chinese companies showed their interest to take up the project.
 "I do believe that Chinese companies have the ability to implement such a huge project. But this is an issue to be decided by the Bangladesh side," he said.
The Chinese diplomat dismissed the fear of deteriorating Indo-Bangladesh relationship if Bangladesh procures submarines from China as it will help ensure regional peace and stability apart from benefiting the country.
Hailing Bangladesh's zero tolerance policy towards terrorism, the envoy expressed his deep shock over the recent terrorist attacks in the Kunming Railway Station that killed 30 people and wounded 130 others.
 "We're looking forward to further deepening our cooperation to this effect," he said.
The Chinese diplomat, however, stressed on the importance of holding a peaceful and fruitful dialogue among the major political parties to resolve the current political volatility.