Experts urge economy-first foreign policy

Bangladesh should pursue a foreign policy guided primarily by economic interests as intensifying global power rivalry reshapes regional dynamics, experts said at a webinar on Saturday.
They felt that balanced diplomacy needed to safeguard the country's long-term development.
The webinar participants also stressed the need for a balanced diplomatic approach to strengthen regional cooperation, attract foreign investment and safeguard long-term economic interests.
The webinar titled "Strategic Options in a Polarizing World: What is the Compelling Calculus for Bangladesh?", was organised by the Power and Participation Research Centre (PPRC) as part of its virtual 'Ajker Agenda' series.
The discussion was moderated by PPRC Executive Chairman Hossain Zillur Rahman and attended by a number of foreign affairs and security experts.
Former Ambassador Mohammad Sufiur Rahman highlighted the structural shifts taking place in the global balance of power. He said China's rapid technological advancement is reshaping international relations.
Citing recent indicators, he noted that China accounted for more than 60 per cent of global patent applications in 2024 and hosts three of the world's top five innovation hubs.
Warning that this technological lead will inevitably reshape global power dynamics, Mr Rahman said: "Unpacking the details of sensitive initiatives such as the Teesta River project and establishing a Kyaukphyu-Chattogram transshipment corridor through a quadrilateral framework involving Bangladesh, China, India and Myanmar could provide a practical geoeconomic bypass to help stabilise our volatile south-eastern border."
Addressing regional stability, Dr Sreeradha Datta said diplomatic continuity remains intact despite fluctuations in bilateral trade and the underutilisation of cross-border infrastructure.
Offering an analytical perspective on regional energy corridors, geopolitical consultant Matt Yang said China's engagement in Myanmar should be viewed within Beijing's broader long-term energy security strategy.
Discussing national security, Maj Gen Fazle Elahi Akbar (Retd.) stressed that the acquisition of advanced defence hardware must be complemented by the full integration of radar and satellite systems.
Analysing tensions along the Bangladesh-Myanmar border, Altaf Parvez warned that cross-border connectivity projects, such as Gwadar and India's Kaladan project, are unlikely to succeed if local security concerns and community interests are overlooked.
Business leader and former President of the Japan-Bangladesh Chamber of Commerce and Industry (JBCCI) Abdul Haq highlighted the role of private-sector leadership in transforming Japan from a development partner into a major investor in projects such as the Matarbari Deep Seaport and the Dhaka Metro Rail.
Emphasising the importance of geopolitical neutrality and policy stability in meeting Bangladesh's demographic and development challenges, he said: "Bangladesh will have to maintain a very balanced approach to survive."
Professor Sadequl Islam of Laurentian University cautioned against rushing into trade negotiations during periods of political transition.
Concluding the discussion, Hossain Zillur Rahman said effective geopolitics must be anchored in geoeconomic realities rather than idealistic rhetoric.
He noted that the discussion had moved beyond broad recommendations to a realistic assessment of regional challenges, where "geoeconomics is one of the pathways to build a more effective geopolitics for the region."
He also stressed that resolving complex issues, such as determining whether the Teesta River project should primarily serve irrigation, water management or flood control, requires practical, evidence-based solutions rather than abstract debate.
To help stabilise the volatile south-eastern border and promote regional connectivity, Mr Rahman advocated a quadrilateral framework involving Bangladesh, China, India and Myanmar to advance initiatives such as the Kyaukphyu-Chattogram transshipment economic corridor.
saif.febd@gmail.com