Dhaka, 20 August 2022 (TDI): The Bangladesh Economic Zones Authority (BEZA) and the China Road and Bridge Corporation (CRBC) have signed a Memorandum of Understanding (MoU).

The MoU is for the development of the Chinese Economic and Industrial Zone in southeastern Bangladesh. Chinese enterprises built the first ever industrial park zone in Bangladesh.

Chinese Economic and Industrial Zone development in Bangladesh

According to the Memorandum of Understanding signed last Thursday, the Chinese business would build the economic and industrial zone specifically for Chinese investors at Anowara.

Anowara is a seaport city in Bangladesh and is located around 242 kilometers southeast of the capital, Dhaka. Li Jiming, the Chinese Ambassador to Bangladesh, was present for the signing ceremony.

He highlighted the zone’s historical importance as the first industrial park established by Chinese businesses in Bangladesh.

Moreover, Li said that there is a strong basis for and a wide range of opportunities for economic cooperation between China and Bangladesh. China will continue to support Chinese businesses in expanding their partnerships with Bangladeshi counterparts.

The Chinese Ambassador expressed hope that other Chinese businesses will eventually join in on the construction of further industrial estates. It will further deepen economic and trade ties between the two countries.

According to BEZA Executive Chairman Shaikh Yusuf Harun, the 778-acre commercial and industrial zone would create 30,000 employees. Moreover, he said that the zone is entirely devoted to investors and Chinese entrepreneurs.

Chemical, garments and pharmaceutical factories, and automobile manufacturing will also be built in the economic and industrial zone.

Trade ties between China and Bangladesh

In 1976, China and Bangladesh established their diplomatic ties. Since then, China has invested in and put into action numerous coal-based power projects.

Moreover, Bangladesh was the top recipient of FDI in South Asia in FY-19 and received a net of US $1.159 billion from China.

Li Jiming said with the implementation of Bangladesh’s export policy for the years 2021–2024 and duty-free access to China for 98% of Bangladeshi goods, both states will experience growth.