Ambassador Li Jiming has urged the government to facilitate setting up a Chinese commercial bank in Bangladesh to foster financial cooperation between two countries. 

“I was surprised when I arrived in Bangladesh as there is no Chinese bank here. I hope that leaders, business leaders will help to facilitate setting up a Chinese bank in Bangladesh,” Li Jiming said while addressing a meeting on Wednesday.

Bangladesh China Chamber of Commerce and Industries (BCCCI) and Research and Policy Integration for Development (RAPID) jointly organised the seminar styled “Making the most of market access in China: What needs to be done?” at Pan Pacific Sonargaon in the capital.

Commerce Minister Tipu Munshi was the chief guest while Chinese Ambassador Li Jiming and Export Promotion Bureau Vice Chairman AHM Ahsan were special guests on the occasion.

BCCCI President Gazi Golam Murtaza chaired over the session while Acting General Secretary Al Mamun Mridha made address of welcome.

RAPID Chairman Dr Mohammad Abdur Razzaque made key note presentation while Executive Director Dr Abu Eusuf conducted the session.

The envoy told the meeting that the Chinese economic zone in Chattogram is awaiting for government approval as the infrastructure is ready to accommodate industries. 

“Bangladesh has potentials in agriculture, livestock and fisheries products. And we also need strengthen financial cooperation to facilitate trade and commerce,” he said.

Li hoped that Bangladesh will become a member of RCEP to boost its international trade in cooperation with the neighbouring countries.

Regional Comprehensive Economic Partnership (RCEP) is a proposed agreement between the member states of the Association of Southeast Asian Nations (Asean) and its free trade agreement (FTA) partners.

In his speech, Commerce Minister Tipu Munshi said the government is working together with Chinese counterpart to reduce the trade gap between the two countries.

“We are looking for possible area of free trade agreement for long term relationship in bilateral trade. It will create a win-win situation for both sides,” he said.

Minister urged the local businesses to focus on branding as the young generation in China is adopting branded products in their changing lifestyle.

In his presentation, RAPID Chairman Dr Razzaque said the China belong the second largest economy of world with a volume of 20 trillion US dollar where the import size is $ 2.7 trillion.

“If Bangladesh can meet only 1 percent of Chinese import needs, our export earnings will stand at $ 27 billion from one single market. We need to focus in different cities of the country gradually,” he said.

BCCCI President Gazi Golam Murtaza said Bangladesh is lucky to get China as a development partner which becomes the world second largest economy.

“We need to focus on export diversification to tap the potential of Chinese market. The country has announced duty waivers Bangladeshi products,” he said.

China has declared to grant duty-free access to 98 percent of Bangladeshi products including 383 new products, especially leather and leather-made goods.