The government is thinking of boosting investments from China and India in Bangladesh’s industrial sector, according to Dr. Rashed Al Mahmud Titumir, the prime minister’s adviser on the ministries of finance and planning.
He made this statement to media following separate talks with China’s ambassador to Bangladesh, Yao Wen, and India’s high commissioner to Bangladesh, Pranay Verma, in his Bangladesh Secretariat office today.
According to Titumir, the administration is also considering the future of other projects that were previously carried out in Bangladesh with assistance from China and India.
He claimed that the present administration must revitalize the economy since the previous government had left it in a terrible shape before leaving.
“In line with the manifesto of the Bangladesh Nationalist Party, we have to increase investments,” he said.
The Adviser noted that increased investment would boost production, which in turn would expand employment opportunities and raise revenue earnings. “With increased revenue, we will be able to invest more in health, education and other sectors,” he added.
According to Titumir, in order to accomplish this goal, the administration is engaging with officials of several nations. As part of this process, talks were held today with the Chinese ambassador and the Indian high commissioner.
According to him, the primary topics of conversation with India were the state of projects carried out under the Line of Credit (LoC) and how they might be advanced in accordance with Bangladesh’s current development priorities.
Referring to regional cooperation, he said Bangladesh always believes in maintaining good relations with all South Asian countries and linking those relations with development. In this context, discussions were held on strengthening development cooperation among Bangladesh, India, Bhutan and Nepal, particularly in the fields of electricity, energy and other areas.
The Adviser said the country is currently facing an energy crisis and noted that some energy agreements signed in the past were unequal.
“We want to ensure that any future agreements on electricity and energy with India or other countries are beneficial for Bangladesh,” he said.
Titumir mentioned that India has a power exchange market, which Bangladesh may explore. “If we connect to such a grid-based system, where prices are determined through market mechanisms as in Nepal, Bhutan or Indian states, it could create innovative opportunities while protecting Bangladesh’s interests,” he said.
He also said Bangladesh is moving towards a “One Citizen, One Card” system by integrating services such as farmer cards and family cards. In this regard, India’s experience with the Aadhaar system could be useful.
Regarding China, Titumir recalled that Xi Jinping, President of China, visited Bangladesh in 2016 and discussed projects worth about $20 billion. However, he noted that projects worth only around $8.2 billion have so far progressed.
“We discussed the current status of those projects and how to determine future strategies through proper review and monitoring of their progress,” he said.
According to Titumir, the most significant topic of discussion was the necessity of boosting investment in Bangladesh, especially industrialization-related investment.
The adviser stated that in order to increase investment and encourage investment-driven industrialization, talks were held about creating a working group comprising the governments of Bangladesh, China, Chinese state-owned firms, and private sector businesses.
According to Titumir, despite Bangladesh’s significant trade with China, the nation now wishes to transcend this connection.
“Trade will remain between countries, but what Bangladesh needs more is industrialization and greater investment. We want to move from a culture of loans to a culture of investment,” he said.
He added that the same theme dominated the discussions with China, including exploring ways to increase investment in Bangladesh’s capital market.
*
Email *
Website
