State minister for commerce seeks Chinese investment

State Minister for Commerce Ahsanul Islam Titu yesterday sought Chinese investment for import substitution to reduce the big trade gap with China.

Titu said the annual trade gap between Bangladesh and China amounted to more than $22 billion and could not be minimised overnight.

So, he sought Chinese investment in Bangladesh to manufacture products that Bangladesh imports from China.

The state minister for commerce also observed that Bangladesh may benefit further from the US-China trade war.

Titu was hopeful the National Board of Revenue (NBR) would reduce the duty on import of some essentials after the commerce ministry sent a letter to the NBR in this regard.

He was also hopeful India would ship the promised 50,000 tonnes of sugar and 20,000 tonnes of onions to Bangladesh before Ramadan.

The state minister was speaking at the Economic Reporters' Forum (ERF) and Bangladesh China Chamber of Commerce and Industry (BCCCI) journalism award ceremony held at the Sonargaon Hotel in Dhaka. A total of 17 members of the ERF received awards.

At the event, Yan Hualong, deputy chief of mission of the Chinese embassy in Bangladesh, said Chinese commercial banks may start operations in Bangladesh at the end of the year as trade between the two countries is rising.

Mahbubul Alam, president of the Federation of Bangladesh Chambers of Commerce and Industry, also sought Chinese investment in Bangladesh.

BCCCI President Gazi Golam Murtaza, ERF President Mohammad Refayet Ullah Mirdha, and BCCCI General Secretary General Al Mamun Mridha also spoke. ERF General Secretary Abul Kashem moderated the event.