According to a Bangladeshi expert, China’s commitment to promoting international collaboration and mutual growth is reflected in the Belt and Road Initiative (BRI).
According to Nasim Mahmmud, executive director of the Center for East Asia Foundation (CEAF), a non-profit and non-political independent study circle, the BRI, proposed by China in 2013, has shown significant development over the past 10 years and represents a remarkable effort by China to foster connectivity, trade, and economic cooperation on a global scale.
The expert claims that the initiative has enhanced shared prosperity among the participating countries by promoting cultural exchanges, assisting in the development of regional infrastructure, and enhancing regional integration.
Particularly Chinese companies have played a significant role in Bangladesh, providing state-of-the-art know-how, capital, and investment to various regions, according to Nasim.
Significant infrastructure projects, such as roads, bridges, and power plants, have been made feasible by China’s presence, according to Nasim, who is also the chief editor of the Belt and Road Magazine. This has sped up economic growth and raised Bangladeshis’ standards of living.
According to the Social Responsibility Report of the Chinese Enterprises in Bangladesh, which was recently released, Chinese companies have built 12 highways, 21 bridges, and seven railway lines in Bangladesh, as well as 27 projects in the fields of electric power and energy, ensuring that Bangladesh’s energy mix is diverse.
The research claims that Chinese companies operating in Bangladesh have helped to significantly increase local employment by creating almost 550,000 new jobs.
Their cooperative attitude and relationships with local businesses have fostered knowledge exchange, skill development, the creation of a significant number of employment opportunities, and technology transfer, Nasim noted. This has enabled Bangladesh to take advantage of Chinese experience.
Nasim remarked that “if we can increase our capacity, Bangladesh will be able to fetch billions of dollars US cashing in on the duty-free facility provided by China” when he mentioned the duty-free treatment of 98 percent tariff lines of products originating from Bangladesh sold to China.
According to the expert, the BRI also offers possibilities for Chinese businesses to continue their interactions with Bangladesh’s government, corporate sector, civil society organizations, think tanks, and academic institutions.
He noted improved collaboration in the future for both parties and emphasized the need of fostering effective communication and intercultural understanding between Chinese businesses and regional stakeholders.
In addition, he said that collaboration, open communication, and the creation of shared platforms may solve issues, encourage knowledge exchange, and support ongoing progress.
“Bangladesh can create a favorable environment for Chinese companies to thrive and strengthen the bilateral relationship for the benefit of both nations by providing incentives for technology transfer, talent development, and sustainable practices,” the expert added.