Soon after Prime Minister Sheikh Hasina and Chinese President Xi Jinping held a discussion to upgrade the bilateral relations between the two countries earlier in June, China announced tariff exemption for over 97 per cent of Bangladeshi products, thus significantly boosting the Bangladesh’s trade sector. With this, the total number of Bangladeshi products that enjoy duty-free access to Chinese market has risen from over 3,000 to around 8,000.
In addition to this, recently, during the virtual opening ceremony of the Mandarin version of the report 'Destination Bangladesh' prepared by PricewaterhouseCoopers (PwC) Bangladesh, where Salman F Rahman was invited as the chief guest, a discussion on luring more Chinese investments in Bangladesh was also brought up. The private sector development advisor to Prime Minister Sheikh Hasina along with various policy makers have been inviting several Chinese business magnates to invest in the country and export the products back to Beijing by leveraging the duty-free accessibility.
As Bangladesh moves ahead in diversification of its economic growth and development, it has become crucial to seek FDI (Foreign Direct Investments) especially from a leading economy like China. Even though, the country has achieved a sustainable economic growth of over 7 per cent in the recent years, the rate has somewhat declined owing to the outbreak of the global pandemic. In this regard, the government has been putting its best foot forward to develop its infrastructure for facilitating better investments and overall economic growth.
"The country has developed infrastructure both physically and digitally. It has been working to improve significantly in the ease of doing business index of the World Bank by 2022,” said Salman F Rahman, one of the top businessmen in Bangladesh. With the increasing demands for PPE products amid the pandemic, Beximco Group, co-founded by him, as well as other local manufacturers have been tapping the lucrative market with largest shipment done by Beximco Pharmaceuticals. It is also the first company in the world to introduce the generic version of remdesivir and has exported over 50,000 vials to at least six countries until recently.
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