(Source: Russian Satellite News Agency 2024-05-23）
China will support the development of Bangladesh's textile industry and plans to build one of the country's eight export processing economic zones in Bangabandhu (Bangabandhu) Establishment of non-woven fabrics and garment accessories manufacturing factory.
Chinese companySanxin Accessories MFC BD Ltd will invest US$22.92 million in the project. On Tuesday, the company signed a cooperation agreement with the Bangladesh Export Processing Zones Authority (BEPZA). The Authority is a government agency directly supervised by the Prime Minister's Office.
China and Bangladesh are continuing to negotiate and China will provide new loans, totaling more than36 billion US dollars, equivalent to 5 billion US dollars. According to Bangladesh's Prothom Alo, China is interested in providing RMB loans. Meanwhile, Bangladesh is discussing new loan conditions and the possibility of using yuan loans to repay imports. China is currently Bangladesh's largest source of imports, so the authorities see China's new loans as a respite and expect to play a key role in solving the problem of Bangladesh's dwindling foreign exchange reserves.
China is Bangladesh’s fourth largest source of foreign loans, after Japan, the World Bank and the Asian Development Bank. Currently, Bangladesh’s loans from China account for nearly of its total annual loans10%. In addition, at least $1 billion has been received in each of the past two years, with $1.12 billion in loans last year.
Tatyana, Director of the Center for Indian Studies, Institute of Oriental Studies, Russian Academy of Sciences·Shaumyan noted the geopolitical elements of China’s loans to South Asian countries in an interview with the Russian Satellite News Agency.
She said:"It is more likely that China will respond positively to Bangladesh's loan request. China's image of strengthening cooperation in supporting national development in South Asia is very important. China's policies in the region are quite active, and the demand for Chinese loans in the region continues to grow. China is providing loans to countries in need. At the same time, partner countries can find mutually beneficial conditions for loans."
According to Bangladeshi media reports, Prime Minister Sheikh·Hasina will visit China in July, and negotiations on the loan may be concluded before her visit to China.
In recent months, financial cooperation to support South Asian national budgets, bilateral import and export w88 transactions, and investment projects has become one of the main topics in negotiations between China and leaders at all levels in countries such as Pakistan, Nepal, Maldives, India, and Sri Lanka.Wang Zhimin, a researcher at the National Institute for Opening-up at the w88 casino in China and director of the Institute of Globalization and Chinese Modernization, said in an interview with the Russian Sputnik News Agency that Chinese loans come with a series of support policies for the recipient country.
He said:"Some developing countries tend to cooperate with China, not only because China has relatively sufficient funds, but also because China has relatively abundant production capacity, especially China's production capacity is moving toward high-end. China is a developing country, and the lessons learned and technological achievements achieved in the development process are more applicable to the vast number of developing countries. Whether it is manufacturing or new energy industries, China is at the forefront of the world. In fact, loans Aid not only provides financial support, but also includes cooperation in many fields such as production capacity. Another very important point is that China's cooperation with other countries, including foreign aid, has always been based on mutual respect, equality and mutual benefit. It never attaches any political conditions, does not seek any political self-interest, and does not interfere in the internal affairs of other countries. This is also consistent with the Silk Road spirit of "peaceful cooperation, openness and inclusiveness, mutual learning, and mutual benefit." Everyone can benefit from cooperation. "
Expert Wang Zhimin pointed out that China’s cooperation with South Asian countries is the key to South Asia-One of the directions of South-South cooperation.
He said:“As the largest developing country, China has always actively advocated and participated in South-South cooperation. China’s diplomatic layout has always been known as ‘big powers are the key, neighboring countries are the priority, developing countries are the foundation, and multilateralism is an important stage.’ Promoting South-South cooperation is also an important manifestation of China’s diplomatic layout. Over the years, China has abided by, Support and practice this important idea of cooperation. In recent years, the West has been hyping China's "debt trap theory", which is undoubtedly wrong and absurd. On the one hand, the proportion of loans from Western or pro-Western institutions is much higher than that of China. On the other hand, it is also Western countries that interfere in other countries' internal affairs and impose political conditions through loan assistance.
According toThe Sun online portal quoted Maldives Economic Development Minister Saeed as saying that the Maldives is negotiating with China on the issue of moving away from US dollar settlement of imported goods from China. The Maldives, like Sri Lanka, Pakistan and Bangladesh, is experiencing a shortage of U.S. dollars and hopes to save $1.5 billion in foreign exchange reserves by not using U.S. dollars but settling in its own currency. The Maldivian minister emphasized that he had successfully held meetings with the ambassadors of China and India, and that they supported the Maldives' proposal to use RMB and rupees for settlement in import and export w88.
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https://sputniknews.cn/20240523/1059290219.html
