DHAKA, Feb 2, 2023 (BSS) - Commerce Minister Tipu Munshi today sought more Chinese investment in Bangladesh especially in the special economic zones and in agro-based industries.

The Commerce Minister made the request when the newly appointed Chinese Ambassador to Bangladesh Yao Wen met him at his secretariat office here today.

Terming China as the largest trade and economic partner of Bangladesh, Tipu said that China is supporting Bangladesh a lot in moving forward the country's development spree especially in the mega projects, said a Ministry press release.

He mentioned that following the directives of Prime Minister Sheikh Hasina, the work on the countrywide special economic zones, is going on in full swing while many are almost on the completion stage.

"Bangladesh seeks more Chinese investment here. Bangladesh has also a huge trade gap with China. There is a need to boost Bangladesh's exports to China and also to channel more Chinese investment to Bangladesh," he added.

Noting that many companies of the World including Chinese companies are investing in Bangladesh, Tipu said that the Chinese investors would be benefited if they invest in the agro-based industries in the northern region of Bangladesh.

He also suggested the Chinese investors to visit the Northern part of Bangladesh adding that efforts would be there to simplify further their investment procedures.

Highlighting the role of the country's ICT sector in building a 'Smart Bangladesh' by 2041, Tipu said that the Chinese entrepreneurs could seize such opportunity as Bangladesh is eying to bag $5 billion per year from this sector. Besides, he cited that the country's leather, ICT, light engineering sectors bear high investment potentials.

The Commerce Minister mentioned that Bangladesh has been working to sign Preferential Trade Agreements (PTAs) and Free Trade Agreements (FTAs) with various countries to continue the trade related benefits beyond the LDC graduation.

In response, the Chinese Ambassador said that China attaches higher priority on its relationship with Bangladesh while it has been supporting the South Asian country in implementing mega projects.

Wen said that China would continue to provide support to Bangladesh in building 'Smart Bangladesh" as the country is also ready to make investment in many development projects including in the power sector.

In order to reduce the trade gap, he said that China has been providing duty free access on some 98 percent Bangladeshi products to its market while a joint working group has been working to ink Bangladesh-China Free Trade Agreement.

Extending an invitation to the Commerce Minister for attending the China Import Fair to be held at Shanghai in November, the Chinese Ambassador said that China would take part in the Bangladesh Business Summit in March as it is looking forward to harness its investment to Bangladesh in the coming days.

According to official data, Bangladesh imported goods worth $26,253.05 million from China in the FY22 against the exports of $683.43 million.

Commerce Ministry additional secretary Nur Mohammad Mahbubul Haque was present among others on the occasion.