Yunnan governor due today for talks on BCIM corridor

Governor of Yunnan province of China Li Jiheng  arrives in the capital today (Saturday) on a three- day official visit to discuss bilateral cooperation including establishment of the proposed BCIM Economic Corridor.
The Bangladesh-China-India-Myanmar (BCIM)-Economic Corridor (EC) working group of the four countries which met in Kunming of Yunnan province of China last year had discussed construction of the corridor for deepening economic cooperation by  connecting East Asia with South Asia.
The BCIM- EC, a regional integration forum originated from Yunnan's capital Kunming 15 years ago.
The first meeting of the Joint Study Group (JSG) of the BCIM-EC was held in Kunming last year.
The four countries had agreed on priorities of the BCIM- EC set on areas that include regional connectivity, transportation, telecommunication, and power and energy, trade and investment, sustainable development and people-to-people contacts.
The second meeting of the JSG is scheduled to be held in Chittagong in June.
During his stay, the Governor will meet Commerce Minister Tofail Ahmed, Communication Minister Obaidul Quader and State Minister for Foreign Affairs Shahriar Alam to discuss areas of mutual cooperation between Bangladesh and China, especially with Yunnan province.
He will pay a courtesy call on Prime Minister Sheikh Hasina.
Apart from the BCIM-EC, other issues of mutual interest like joint collaboration in trade and investment may also come up for discussion, a high official of the Ministry of Foreign Affairs told the FE.
Besides, he will have a meeting with the business leaders to discuss further cooperation in trade and investment between the two countries.
Business circles said the BCIM- EC will help increase regional trade and investment.
"China is our important trade and development partner. We need Chinese investment. China could invest in different sectors in Bangladesh," President of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) Kazi Akram Uddin Ahmed told the FE Friday.
He said the BCIM-EC will help strengthen regional trade and investment. He said Bangladesh and China, especially Yunnan province, have a vast scope for increasing their mutual trade and investment.  
"We would tell the Chinese delegation to invest in Bangladesh considering the pro-investment policy of the government," he said.   
The BCIM- EC is expected to ease flow of goods between two of the world's largest economies in India and China while providing greater economic resources to the burgeoning markets of Bangladesh and Myanmar.
The proposed corridor will cover 1.65 million square kilometres, encompassing an estimated 440 million people in China's Yunnan Province, Bangladesh, Myanmar and Bihar in Northern India through the combination of road, rail, water and air linkages in the region. This interconnection would facilitate cross-border flow of people and goods, minimise overland trade obstacles, ensure greater market access and increase multilateral trade.
The BCIM covers 9.0 per cent of the world's area, 40 per cent of global population and 7.3 per cent of the global gross domestic product (GDP).  Trade among the BCIM countries reached 4.5 per cent in 2010 when it was over 35 per cent among Association of South East Asian Nations (ASEAN) countries. Reduced cost of transportation and shorter lead time, however, are necessary to deepen cooperation in trade, commerce and investment in the region.
Bangladesh is poised to become a hub of the BCIM- EC. For that matter, multimodal connectivity should be established through road, rail, water and air linkages. Special thrust needs to be given to river connectivity as it enables businesses to lower shipment costs.