Xi backs exclusive Chinese industrial zone in Bangladesh, welcomes BRI cooperation

Dhaka: Chinese President Xi Jinping on Friday expressed Beijing’s support for establishing an "exclusive" Chinese industrial economic zone and industrial parks in Bangladesh and welcomed Dhaka’s "high-quality" cooperation in 'Belt and Road Initiative' projects, the official media here reported.

Xi's comments came during his meeting with Bangladesh Chief Adviser Muhammad Yunus, who is on a four-day China visit.

Following the meeting, China and Bangladesh signed nine agreements and Dhaka secured a commitment of USD 2.1 billion in investments, loans and grants from the Chinese government and its companies. Xi said China would support building an exclusive Chinese industrial economic zone and industrial parks in Bangladesh, the state-run BSS news agency reported.

The Chinese president also welcomed more Bangladeshi products to China and "high-quality" cooperation in the muti-billion dollar Belt and Road Initiative (BRI) projects, as well as the digital and maritime economy.

The BRI is a mega connectivity project that connects China with Southeast Asia, Central Asia, Russia and Europe.

India has consistently criticised BRI projects, insisting they should be based on universally recognised international norms, good governance, and the rule of law and follow principles of openness, transparency and financial sustainability.

During the meeting, Xi also said his government would encourage more Chinese private investment and relocation of Chinese manufacturing plants to Bangladesh.

He called Bangladesh an "important neighbour" of China and offered to share Beijing's development experience while enhancing cooperation to support its rapid growth.

Xi announced that China would continue granting zero-tariff benefits to Bangladeshi goods, extending the status until the end of 2028—two years beyond the country's scheduled graduation from least developed country status.

He added that Beijing aims to begin negotiations for a Free Trade Agreement and Investment Agreement with Dhaka to pave the way for more Chinese investment here.

Yunus, who is on a four-day visit, took part in China’s Boao Forum for Asia annual conference in Hainan after his arrival on Wednesday.

He arrived in Beijing on Thursday night and was received at the airport by Chinese Vice Foreign Minister Sun Weidong.