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China Intends to invest US$350 million in Apparel Sector in Bangladesh

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Published on : Aug 26, 2015

China has proposed to invest US$350 million in the apparel sector in Bangladesh, as announced by the Finance Minister if the country AMA Muhith.

After China, Bangladesh is the second largest exports of readymade garments in the world. 

The Minister of Commerce in China, Gao Hucheng gave the information to the Finance Minister about China’s proposal after a letter of exchange was signed on Tuesday in Dhaka at for ‘China-Bangladesh Friendship Exhibition Centre’.

In accordance to the proposal, Dhaka will receive Tk 6.757 billion in endowment from Beijing for construction of the aforesaid ‘China Bangladesh Friendship Exhibition Center ‘which is proposed to be built on the fringe areas of the capital city.

In accordance to this, an agreement has been signed between China and Bangladesh.

The Finance Minister of China stated that financial assistance between the two countries were discussed at the time of Bangladesh’s Prime Minister Sheikh Hasina visit to China.

The Finance Minister further stated that China made some proposal and followed them rigorously. All of the proposals have been accepted by China.

Muhith, the Finance Minister of China further stated that the economic conditions between Beijing and Dhaka have been rapidly improving and expanding.

In addition to this, Chin is also interested in investing in railway, bridges, tunnel sectors, and jute in Dhaka, as stated by the Finance Minister.

Since Dhaka is prioritizing to construct a road to Kunming through Myanmar, China has proposed to construct 23km of the total 170 km road stretch. This has also been approved by the cabinet as stared by the Finance Minister.

He also said that many other companies have also expressed interest to make investments in Bangladesh.

The Finance Minister also hoped that China would make revision towards their investments which will be based on Dhaka’s proposals.

He also stated that China didn’t make any down payment for the three projects that they were supposed to and Bangladesh didn’t get back also.

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