Chinese investors want simplification of tax, customs, visa processes

Chinese investors want simplification of tax, customs procedures and visa processes to enhance trade and investment with Bangladesh.

Commercial Counsellor at the Embassy of China in Bangladesh Song Yang made the remarks while addressing a seminar on "Stakeholder Consultation with Chinese Investors: Challenges, Expectations and Prospects" held at the Bangabandhu Bangladesh-China Friendship Exhibition Center (BCFEC) at Purbachal.

The Embassy of the People's Republic of China in Bangladesh, in collaboration with the Bangladesh China Chamber of Commerce and Industry (BCCCI) and the Chinese Enterprises Association in Bangladesh (CEAB), is holding a three-day "The Belt and Road Initiative in Bangladesh Exhibition 2023" inaugurated on Friday at the BCFEC.

"Bangladesh enjoys a long-standing relationship with China. Such exhibition creates a new hope for us. It is a platform to highlight the collaborative spirit between the two nations," Song Yang added.
Noting that the Chinese president Xi Jinping launched the Belt and Road
Initiative (BRI) in 2013, he said it is now fruitful. "Our strong support and
cooperation will continue for Bangladesh," he pointed out.

Speaking on the occasion, BIDA Executive Member (Additional Secretary) Avijit Chowdhury requested Chinese investors to invest in Bangladesh as its investment climate is congenial.

"Bangladesh will attain LDC graduation by 2026. So, we have to face a lot of
challenges. We need more foreign direct investment particularly of China in technology and labour skill development to compete with 4IR," he added.

He urged all investors to come at BIDA if they face any problem while
investing in the country.

Speaking on the occasion, BCCCI Secretary General Al Mamun Mridha said they have been working tirelessly towards fostering stronger economic relations between the two friendly nations.

Back in 2016, over $40 billion was promised to Bangladesh as part of the BRI initiative. Almost $5 billion has already been disbursed while many projects have already been implemented, some milestone projects are about to be inaugurated and some project's work are going on at a rapid pace, Song Yang said.

CEAB president Ke Changliang and BCCCI Gazi Golam Murtoza spoke, among others, there.

In another seminar, BKMEA executive president Mohammad Hatem said there exists a huge trade gap in favor of China. "But I think the BRI has the
potential to influence and transform the garment industry in Bangladesh
positively.

Through infrastructural development, trade facilitation,
technology transfer, investment, and sustainable practices, the BRI can
contribute to the continued growth and competitiveness of Bangladesh's RMG sector," he added.