China is actively helping Bangladesh reduce trade imbalance, said Ke Changliang, president of the Chinese Enterprises Association of Bangladesh (CEAB).
Chinese Ambassador Mr Yao Wen recently mentioned that the trade deficit with China has decreased by 16 per cent last year due to China’s proactive measures to reduce the gap, the CEAB president said.
Talking to the FE, he said China has proved to be a predominant source of foreign direct investment for Bangladesh, amounting to a stock of US$3.17 billion as of September.
China has consistently remained Bangladesh’s most significant trading partner for 13 years running and the largest source of imports, he said.
Mr Ke spoke of the burgeoning economic rapport between China and Bangladesh, signifying a foundation for shared benefit and prosperity.
He spoke of the CEAB members’ profound impact on the region, providing upwards of half a million direct jobs to local individuals, therefore emphasising the enterprises’ commitment to responsible and positive business practices.
In this regard, he mentioned that recently, to boost bilateral trade and mutual prosperity, 27 companies were recognised at the “China-Bangladesh Business Excellence Award 2023” for their remarkable contributions towards fostering economic ties in these two countries.
“Fifteen winners were Bangladeshi enterprises, while twelve stemmed from China, a testament to the vitality of the business connections that have blossomed under the Belt and Road Initiative’s decade of operation,” he said.
The award ceremony, meticulously organised by the Bangladesh-China Chamber of Commerce and Industry (BCCCI) and the Chinese Enterprises Association in Bangladesh (CEAB) shed light on the prosperous synergy emerging between the two nations, spotlighting the role of successful companies in this blossoming partnership, he observed.
“The Chinese Ambassador Yao Wen, who was present at the function as chief guest, emphasised the crucial function of political leaders in steering the course of bilateral relations. He highlighted how recent interactions between President Xi Jinping and Prime Minister Sheikh Hasina have breathed fresh life into these ties, setting in motion a new phase of cooperation,” said Mr Ke.
The CEAB President said, in the coming years, apart from the eight industries mentioned before, CEAB will further nourish renewable energy, ICT, smart agriculture, and green infrastructure sectors in Bangladesh for sustainable development following the vision of Smart Bangladesh.
“In the first China-Bangladesh Business Excellence Award programme 2023, for awards nomination and final selection, the committee has prioritised in category aspects, as above stated, the eight industrial branches where the awarded organisations are actively contributing to key sectors essential for the advancement of Bangladesh: power and energy, road and bridge, railway and civil aviation, water and environment, marine and harbour, information and communication technology, textiles and garments, Trade and services,” he added.
“Besides these, the committee has recognised four more categories of awards – for Bilateral Business Excellence Award for Women, SME Rising Star, CSR and Significant Contribution, which have a great impact on business and civil society, eventually in the country’s ultimate development.”
The Chinese Enterprises Association in Bangladesh (CEAB) always encourages the strong presence of women in the business community. One Chinese and one Bangladeshi female recipient of the Bilateral Business Excellence Award for Women serve as inspirations to countless others, breaking barriers and paving the way for a more equitable and prosperous future.
While many Chinese enterprises boast a robust financial foundation, it will also acknowledge and celebrate the contributions of two small and medium enterprises, one from Bangladesh and one from China, to recognise their contribution and to inspire further growth in bilateral trade and economic cooperation.