Bangladesh has huge potential in Blue Economy

Bangladesh has immense potential in Blue Economy, Chinese Ambassador in Bangladesh Zhang Zuo said yesterday.

The envoy made the comment at a meeting with Osama Taseer, president of the Dhaka Chamber of Commerce and Industry (DCCI), at the office of the trade body in Dhaka.

China has recently passed a new foreign investment law which is more open and flexible for foreign investors, Zuo said.

The One Belt, One Road Initiative of China is continuing for a high quality communication mode, he said.

Chinese companies are optimistic about increased business cooperation between the two nations in the next decade, the Dhaka chamber quoted Zuo as saying in a statement.

China is one of the largest partners of mega infrastructure projects in Bangladesh, he said.

Around 200 large Chinese companies and 200 Chinese SMEs are in operation in Bangladesh, he said.

China is now the largest trading partner of Bangladesh, Taseer said.

Bangladesh by and large exports frozen and live fish, leather and leather goods, vegetable, textile fibres, paper yarn and woven fabrics, articles of apparel and clothing, electrical machinery and equipment and furniture to China, he said.

The bilateral trade between China and Bangladesh in 2017-18 was $12.40 billion. According to the economists, this bilateral trade volume may reach to $18 billion by 2021, he said.

Bangladesh's “Look East” policy is essentially designed to open up new avenues of cooperation with China and the Asean region, he said.

Taseer also stressed on the need for Chinese foreign direct investment in diversification of garment items and transfer of allied technology.

He also demanded quick implementation of duty-free market access for Bangladesh.

The Chinese envoy also invited members of the DCCI to attend an import and export fair scheduled to be held in Shanghai in November.

DCCI Senior Vice President Waqar Ahmad Choudhury and Vice President Imran Ahmed were also present.