Bangladesh secures USD 2.1 bn in investments, loans and grants from China

Dhaka [Bangladesh], March 28 (ANI): Bangladesh has secured a commitment of USD 2.1 billion in Chinese investments, loans, and grants from the Chinese government and its companies during Chief Adviser Muhammad Yunus's "milestone" visit to China.

Bangladeshi officials and the Chinese ambassador to Dhaka, Yao Wen, said nearly 30 Chinese companies have pledged to invest one billion dollars in the exclusive Chinese Industrial Economic Zone after the Chief Adviser urged private enterprises to invest in Bangladesh's manufacturing sector.

China has also planned to lend some USD 400 million in the Mongla port modernisation project, some USD 350 million in the development of the China Industrial Economic Zone and another USD 150 million as technical assistance. The rest of the amount would come as grants and other forms of lending.

"It is a milestone visit," Chinese envoy Yao Wen said, referring to the Chief Adviser's first four-day-long bilateral tour to China.

Ashik Chowdhury, the Executive Chairman of the Bangladesh Investment Development Authority and Bangladesh Economic Zone Authority, said the visit could propel a "surge" of Chinese investment to Bangladesh.

During the bilateral meeting, Professor Yunus has requested President Xi Jinping to give his "green signal" to Chinese private companies to invest in Bangladesh.

Chowdhury said President Xi affirmed that he would encourage Chinese firms to relocate their manufacturing plants to Bangladesh as they look to diversify their production destinations.

"This visit will play a big part in persuading many Chinese companies to invest in Bangladesh. It is just a matter of time," he said.

On Friday, Professor Yunus and Ashik Chowdhury briefed officials of more than 100 Chinese companies, including some of the biggest in the world, to invest in manufacturing in Bangladesh, especially in advanced textiles, pharmaceuticals, light engineering and renewables. They spoke in three interactive sessions in Beijing.

"So far, the response is very positive," he said. (ANI)

(The story has come from a syndicated feed and has not been edited by the Tribune Staff.)