China’s Belt and Road Initiative (BRI) could help Bangladesh achieve its long-term development goals in the current shift of global political economy, experts at an international conference said on Sunday. They said both political and economic world orders have been changing quickly without any war and protectionism seems to be on the rise in countries. In the circumstances, they said, countries like Bangladesh should take BRI as a key option to ensuring its foothold on the path of sustainable development through improving both physical and non-physical infrastructure.
To reap the benefits of the Chinese flagship investment project, economists, bureaucrats, academicians and businesses have stepped up discussions between the two countries for responding to emerging challenges. They also warned that a lack of open, transparent and competitive procurement process could lead to poor performances on projects in terms of missing timeline, cost overruns and low-quality services.
“BRI is good but it has to be BRI-plus Europe because we also need developed countries for our markets,” said the captain of industry. “Bangladesh doesn’t want to be a market, rather we want markets. Protectionism doesn’t work. You need import and export,” he went on to say. Research and Information System for Developing Countries (RIS) director general Dr Sachin Chaturvedi and Prof Cheng Min of the Institute for Bangladesh Studies at Yunnan Academy of Social Science, Kunming, also spoke at the programme.
Source: The Financial Express, 09.09.2019