Ekraz Alim: Amidst rising geopolitical tensions and shifting alliances in South Asia, Prime Minister Sheikh Hasina’s upcoming state visit to China from July 8 to 11 is set to explore new avenues for trade, investment, and economic cooperation. This visit marks a significant milestone in the evolving relationship between Bangladesh and China, two nations whose ties have transformed dramatically since 1975.
Since the establishment of diplomatic ties in 1975, China and Bangladesh have navigated a complex yet steadily improving relationship. Initially marked by China’s opposition to Bangladesh’s independence, the relationship has transformed into a strategic partnership over the decades, characterized by numerous high-level visits and agreements, such as the 1986 Economic and Technical Cooperation Agreement, pragmatic cooperation and strategic interdependence. This evolution is largely due to China’s extensive economic support and Bangladesh’s strategic pivot towards a balancing act, reducing heavy reliance on India.
China has emerged as a critical economic partner for Bangladesh, with Chinese foreign direct investment (FDI) in Bangladesh increasing significantly over the past decade. Between 2011 and 2019, Chinese FDI surged 10.9 times, focusing on diverse sectors such as energy, infrastructure, information technology, defence, and education. Major projects like the Bangabandhu Sheikh Mujibur Rahman Tunnel and the Padma Bridge highlight the tangible impact of Chinese investment in Bangladesh’s infrastructure development.
In 2023, the two countries reinforced their Strategic Partnership of Cooperation, with Chinese investment in Bangladesh reaching nearly $1.4 billion, supporting over 700 Chinese companies and creating 550,000 job opportunities. This economic engagement underscores Bangladesh’s geopolitical significance to China, particularly as part of the Belt and Road Initiative (BRI).
Prime Minister Sheikh Hasina’s visit to China comes at a critical juncture, with regional geopolitics increasingly influencing Bangladesh’s foreign policy. China’s growing influence in Bangladesh is seen with concern by India, which navigates its own strategic interests in the region. As China and Bangladesh deepen their economic ties, India remains vigilant, balancing its historical and strategic partnership with Bangladesh. Bangladesh’s strategic location along the Bay of Bengal, coupled with its proximity to India, makes it a key player in the geopolitical chessboard of South Asia. China’s investments in Bangladesh are part of its broader strategy to expand its influence in the Indian Ocean, secure energy routes, and access South Asian markets. The Bangladesh-China-India-Myanmar (BCIM) Economic Corridor further exemplifies the strategic importance of Bangladesh in China’s connectivity aspirations.
More notably, Prime Minister Sheikh Hasina’s upcoming trip to China from July 8 to 11 aims to bolster trade, investment, and economic cooperation between the two countries. The visit will include significant meetings on July 9 and 10, featuring talks with Chinese President Xi Jinping and the president of the Chinese parliament, Zhou Lusi. Key objectives include discussing geopolitical issues, signing 12 deals and MoUs covering areas such as China’s Global Development Initiative (GDI), trade assistance, investment protection, and the digital and blue economies. Notable agreements also include an FTA study announcement and the construction of friendship bridges. It is also said that Bangladesh might seek around $7 billion in financial support, with China potentially providing USD 5 billion under trade assistance and USD 2 billion in budget support. The visit is also expected to initiate FTA negotiations and address trade transactions in taka-yuan to alleviate Bangladesh’s dollar crisis. Moreover, netizens can expect infrastructure projects like the Bhanga-Kuakata broad-gauge rail line and MRT Line-2 to be confirmed during this visit. Additionally, the Rohingya crisis could be prioritized, with hopes for China to pressure Myanmar into facilitating repatriation and improving security in Rakhine.
Prime Minister Sheikh Hasina’s strategic vision is reflected in her adept balancing of foreign relations, enhancing Bangladesh’s diplomatic stature and economic potential. Before her visit to China, she made two visits to India in a span of just 12 days, underscoring the importance of maintaining strong ties with India. Her second visit, from June 21-22, included summit talks with Indian Prime Minister Narendra Modi, highlighting key areas of cooperation and mutual interest.
India has historically been a pivotal ally for Bangladesh, notably aiding in its independence in 1971. Under Sheikh Hasina’s leadership, Bangladesh has sought to balance its relationships with both India and China, recognizing the benefits of strategic partnerships with each. This balancing act is crucial as Bangladesh navigates its development goals and regional dynamics. China’s increasing influence in Bangladesh has raised strategic concerns for India, especially with projects such as the Belt and Road Initiative and military collaborations. However, Bangladesh’s approach has been to leverage these relationships for maximum economic benefit while ensuring sovereignty and regional stability.
Overall, Prime Minister Sheikh Hasina’s visit to China represents a significant opportunity to strengthen bilateral relations and explore new avenues for economic cooperation. As the voice of industry experts continues to say, Bangladesh must balance its own interests to ensure sustainable development and regional stability while navigating its strategic partnerships with China and India. The visit furthermore underscores the importance of pragmatic diplomacy and strategic engagement in shaping the future of Bangladesh-China relations. Sheikh Hasina’s visionary leadership in balancing these key relationships enhances Bangladesh’s strategic positioning and boosts its potential for economic growth and development.
(The views expressed in this section are the author’s own. The views expressed may not be consistent with the editorial policies of Channel I Online and Channel I.)
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PM Hasina’s statement in Delhi
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Publish date : 2024-07-06 09:36:12
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