July 14, 2024, 7:04 pm

Textile, EVs, solar, fintech: 16 MoUs signed between Bangladeshi, Chinese cos

  • Update Time : Tuesday, July 9, 2024
  • 15 Time View
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TDS Desk:

Bangladeshi and Chinese companies have signed 16 memoranda of understanding (MoU) during a summit on trade, business, and investment opportunities between Bangladesh and China in Beijing Tuesday (9 July).

Chinese companies will invest in Bangladesh’s textile, electric vehicle, solar power, fintech and technology sectors.

Four of these sixteen MoUs will bring $490 million to the country as investments.

“Apart from the Chinese companies that signed 16 MoUs, officials from some other companies met Prime Minister Sheikh Hasina and expressed their interest in investing in the private sector,” said Shibli Rubayet ul Islam, chairman of the Bangladesh Securities and Exchange Commission (BSEC).

Prime Minister Sheikh Hasina is now on a four-day official visit to China and attended the summit as the chief guest. The Embassy of Bangladesh in Beijing, BIDA, BSEC and CCPIT organised the summit at China World Summit Wing, Shangri-La Circle, Beijing.

Shibli hoped the overall investment figure might cross $5 million if the companies that showed interest decide to invest in Bangladesh.

He said the companies that signed the 16 MoUs are having one-on-one discussions with each other to discuss the sizes of their investments.

“We hope through this summit, with the prime minister’s presence, more Chinese investment will come to Bangladesh,” he said.

The signed MoUs between Bangladeshi and Chinese companies are:—

MoU between Nagad and Huawei Technologies (Bangladesh) Ltd. A $50 million investment will come under the MoU on a strategic partnership to build a next-generation digital financial platform towards Smart Bangladesh.

A $20 million investment will come under the MoU on the ‘Bangladesh Capital Market Digital Transformation Project’ signed between Dex Bangladesh Tech Ltd and Huawei Technologies (Bangladesh).

$400 million investment will come from China to Bangladesh under an MoU signed between Deshbondhu Group, Chemtex and China Chemical CNCC. Both parties will establish the largest PSF, PET bottle, and Textile grade factory at 33 acres of land in the Mongla Economic Zone.

China Road and Bridge Corporation (CRBC) and Ningbo Cixing Company Limited signed an MoU on the investment framework agreement in Bangladesh’s Chinese Economic and Industrial Zone.

Billion10 Communications Ltd and CHTC (HengYang) Intelligent EV Company Ltd signed an MoU on manufacturing electric vehicles.

Billion10 Communications Ltd and Ningbo Sun East Solar Co Ltd signed an MoU to set up a Solar Park in Sylhet.

Billion10 Communications Ltd and HeSheng (Hoshine) Silicon Industry Co Ltd signed an MoU to invest in the renewable energy industry.

Billion10 Communications Ltd and Zhongke Guorui (Zhuhai) New Material Technology Co Ltd signed an MoU to invest in Bangladesh’s waste lubricant oil recovery and refining industry.

EB Solution Ltd and Hongji Intelligent Transport Co Ltd signed an MoU to invest in the Dhaka City Mobile Project.

EB Solution Ltd and Ningbo Shering New Energy Technology Ltd signed an MoU to invest in Bangladesh’s Smart Cold Chain Logistic Solutions sector.

A $20 million investment will come in Bangladesh for the CNG transportation by river and road under the MoU on technical and financial investment collaboration. The MoU has been signed between Intraco Refueling Station PLC and Shijiazhuang Enric Gas Equipment Co Ltd.

Zibo Jinhuateng Paper Machinery Co Ltd will invest in the paper machinery sector in Bangladesh jointly with Nitol Niloy Group. Both the parties signed an MoU on it.

Chinese company Zhengzhou Dongfeng Mid-South Enterprise Company will invest in TBR Tyre Projects in Bangladesh in collaboration with Nitol Niloy Group.

Chinese company Shandong Sunite Machinery and Nitol Niloy Group signed an MoU to invest in Bangladesh’s Aerated Autoclave Concrete (AAC) Block.

Chinese company Daliam Huahan Rubber & Plastic Machinery will invest in Bangladesh’s rubber machinery with Nitol Niloy group.

Chinese company ZP Technology (Anhui) Co Ltd will invest in lithium batteries and electric vehicles in Bangladesh jointly with Nitol Niloy group.

Prime Minister Sheikh Hasina, during her speech as the chief guest at the summit, invited Chinese companies to visit Bangladesh to explore business opportunities.

She invited Chinese companies to establish R&D centres in Bangladesh, leveraging Bangladesh’s skilled workforce and academic ingenuity.

“Bangladesh is the most favourable investment destination in the world. Bangladesh is committed to ensuring your business is profitable,” she told the Chinese investors.

“You will find in us all the support and assistance you need. Let us work together to build a stronger, more prosperous, and more connected world. It is time to invest in Bangladesh, and I am confident that with our hands joined together, we can achieve great things,” she added.

Encouraging Chinese companies to form joint ventures with Bangladeshi firms, Hasina said, “This collaboration will facilitate technology transfer, skill development, and market access for both parties. Investment in research and development is crucial for fostering innovation and competitiveness.”

The investment summit was attended by government ministers and private sector leaders who gave their speeches.

Ahsan Khan, chairman of the Pran-RFL group, said it’s a good day for Bangladesh to organise such a successful summit with Chinese investors.

“Chinese investors are very much interested in investing in Bangladesh. I have seen this earnestness in investing more in Bangladesh and China,” he said.

“Pran-RFL group exports its product to China and imports raw materials. If the Belt Road initiative succeeds, connecting by road and train will be possible. Then we will get a chance to export and import by rail and road, which will be cheaper. It will make us more competitive in the global market,” Ahsan Khan added.

Al Mamun Mridha, secretary general of Bangladesh China chamber of commerce and industry (BCCCI), said, “The prime minister urged to invest more in Bangladesh. We expect more Chinese investment in Bangladesh’s potential sector.

“More than 1000 Chinese investors wanted to invest in Bangladesh in the last years and we invited all of them to today’s summit,” he added.

“We expect our bilateral trade gaps to narrow if Chinese investors invest in Bangladesh export sectors,” Mridha added.

The BCCCI secretary general said, “Chinese investment in Bangladesh boosted in the last two years. Our chamber is always ready to serve all the quarries of the investor without any cost.

“We are planning to arrange a Chinese trade and investment summit in Dhaka this year,” he added.

 

 

 

 

 

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