Roundup: Sino-Bangladesh bilateral trade set to boom as China's Belt and Road initiative takes shape

Experts and officials here are predicting that Bangladesh and China will see bilateral trade and mutual investment boom in the coming years, according to participants at the HSBC's thought leadership program held in the capital city of Dhaka.

In collaboration with the Bangladesh China Chamber of Commerce and Industry, HSBC organized the program titled "Bangladesh-China Business Outlook: One Belt One Road and RMB internationalization" on Wednesday night in the capital.

Bangladeshi Commerce Minister Tofail Ahmed, Chinese Ambassador to Bangladesh Ma Mingqiang, Bangladesh Investment Development Authority Executive Chairman Kazi M Aminul Islam and Deputy Governor of Bangladesh Bank SK Sur Chowdhury were all present at the event.

HSBC said the program is aimed at increasing customer understanding of the Belt and Road Initiative (BRI), exploring export possibilities from Bangladesh to China and promoting Renminbi transactions as the currency will be used more widely aided by further international reforms.

Stuart Tait, group general manager and regional head of Commercial Banking at HSBC in the Asia Pacific region and Francois de Maricourt, chief executive officer at HSBC Bangladesh, among other HSBC executives who were also present at the event.

The Belt and Road Initiative itself refers to the Silk Road Economic Belt and the 21st Century Maritime Silk Road, which, through a revival of historic trade routes, will see cooperation between China and other nations greatly increased.

The Silk Road Economic Belt revival project could involve more than 60 countries and regions.

Participants in the thought leadership program said that Bangladesh is in a strategic location between China, India and ASEAN countries and hence is well placed to be a trading and manufacturing hub.

They added that Bangladesh needs increased connectivity with other economies in this region and China's Belt and Road Initiative will lead to the realization of this new economic area.

Speaking at the event, Bangladeshi Commerce Minister Tofail Ahmed said when the Belt and Road Initiative comes to fruition, the trade and commerce of Bangladesh and China will make for a much better future. He said this could also result in a new form of global cooperation in economic, financial and technological areas.

Chinese Ambassador Ma Mingqiang said that the Belt and Road initiative is aimed at achieving more interconnectivity including infrastructure, capital, people and science and technology.

"So far we understand Bangladesh is in need of these," he said.

"Bangladesh and China are two of the fastest growing economies in the world with expanding bilateral trade that will grow further as China's Belt and Road Initiative takes shape," said Tait.

He went on to say that as the leading international trade bank, HSBC is uniquely positioned to help its clients to increase their trade and investment activity and form closer economic ties between countries.

A keynote speech elucidating China's Belt and Road Initiative was delivered by by Alvin CK Kong, managing director and head of global markets at HSBC Malaysia.

Two panel sessions were also held during the program featuring distinguished panelists from both the public and private sectors and HSBC. Endit