The just-concluded visit of the Chinese President has been highly fruitful for both countries in terms of commercial and economic development at a strategic level. With the Chinese commitment of billions of dollars, it has taken Bangladesh's development aspirations to a new height. Add to what has been committed by Japan, India and some multilateral agencies, the picture of a Bangladesh taking a significant leap forward towards becoming a lower middle-income country by 2021 looks quite bright.
Bangladesh will receive US$ 24.45billion for 34 projects. Projects like the Padma Bridge rail link linking the southern part of the country with the capital city will facilitate trade nationwide and the Karnaphuli Tunnel, the first of its kind in Bangladesh, will act as a bridge between two parts of Chittagong with one direct line of communication reducing commuting time significantly. All the major projects that have received financial assistance will significantly help reduce our infrastructure bottlenecks.
President Xi Jinping's commitment will help our developmental efforts and it is by far the single largest investment package by a single country. Chinese engagement in upgrading our economic backbone should be viewed as a signal to other countries that Bangladesh is a serious place to invest in and they can follow suit.
In all respects, the just-concluded visit by the Chinese President Xi Jinping to Bangladesh was a historical one. As stated by Prime Minister Sheikh Hasina, it heralded a new era in the relations between Bangladesh and China. Signing of investment deals worth about $ 37 billions at the government and private level with China during the visit is no mean achievement for Bangladesh.
Indeed, the way the Chinese president showed his keenness and gave importance to its relations with Bangladesh during the visit clearly reflected that regionally Bangladesh, despite its much smaller land size and economy than China's, has become a very important nation and it also very positively seized this opportunity with a certain degree of assertiveness and diplomatic maturity. As the delta of the Bay of Bengal, Bangladesh's geopolitical position is indeed important and is pulling the mighty nations towards it.
Taking 'closer comprehensive partnership' with China to the 'strategic' level certainly offers Bangladesh a great chance. At the same time, it means that there are challenges in the days ahead given the shifting power centres of international politics. After the cold war era, the US's singular dominance in the world is now dwindling with the rise of China economically and militarily. This is clearly visible in many Asian nations now, the Philippines for example.
With the US trying to use India as a counterweight to China in the region and Bangladesh's present warmer relations with India, engagement with China at the strategic level will thus bring new challenges and Bangladesh needs to be prepared to overcome these challenges.
Bangladesh cannot afford to remain behind economically when regionally other countries are advancing fast. It ought to utilise all avenues of cooperation internationally. That is why elevating 'closer comprehensive partnership of cooperation' to 'strategic partnership of cooperation' is a very desirable development in Bangladesh's relations with China which needs to be sincerely nurtured in the coming days. This is the result of Prime Minister Sheikh Hasina's policy of maintaining good relations with all the countries in the region and making the most out of the eagerness of the new economic powerhouse China and the emerging economy India to cooperate with Bangladesh.
China is a key global player today and it is a big opportunity for us that the country has come forward with a huge package of economic assistance. It is good news that our policy of having friendly relations with the countries in the region is paying rich dividends.
The strategic partnership with China offers Bangladesh, now a low middle-income country, a unique opportunity to count on Beijing's support, cooperation and collaboration in key areas. This may go a long way towards attaining Bangladesh's goal of becoming a knowledge-based middle-income country by 2021 and eventually a developed country by 2041.
The 27 agreements and memoranda of understanding (MoUs) of cooperation signed during Xi's visit will cover, among others, trade and investment, blue economy, Bangladesh-China-India-Myanmar-Economic Corridor (BCIM-EC), roads and bridges, railways, power, maritime, affairs, ICT, industrial production capacity building and skill development.
Now that the framework for all-round cooperation has been delineated and agreed upon, all concerned will expect that effective follow-up actions will be taken in right earnest to move forward the process as expeditiously as possible. This can certainly be accomplished through unrelenting efforts by both sides. The fact that the two sides have now agreed to designate the year 2017 as the year of 'exchange and friendship' between Bangladesh and China, lends a strong urgency to do all the needful pro-actively.
A strong bilateral relationship between China and Bangladesh can be a game changer in South Asia and South-East Asia. This can be a positive factor for promoting peace, stability and development for the well-being of the peoples in the region at large. Bangladesh has ardently been pursuing the policy of 'friendship to all and malice to none'. China is equally strongly committed to peace, security, stability and development in the region, nay the world at large, largely reflecting its new responsibilities as an emerging global power. Thus there is no scope for any misgivings about their 'strategic partnership'. Rather, it should encourage concerted actions by all the countries in the wider region in this part of the world to make coordinated efforts for forging connectivity in a win-win situation for all.
The writer is an economic analyst, researcher & columnist.
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- Wednesday, 24 April 2024 |
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