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Bangladesh, China sign 16 MoUs to bolster investment across key sectors

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Bangladesh, China sign 16 MoUs to bolster investment across key sectors

Photo: PMO

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Under four of these MoUs, Bangladesh will receive $490 million in investments, targeting industries such as textiles, electric vehicles, solar power, fintech, and technology

Staff Correspondent

Publisted at 1:27 PM, Tue Jul 9th, 2024

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Bangladeshi and Chinese companies signed 16 Memorandums of Understanding (MoUs) to significantly boost investment in various sectors.

The agreements were made during the summit on Trade, Business, and Investment Opportunities between Bangladesh and China held at the China World Summit Wing, Shangri-La Circle in Beijing on Tuesday (9 July).

Under four of these MoUs, Bangladesh will receive $490 million in investments, targeting industries such as textiles, electric vehicles, solar power, fintech, and technology.

PM Hasina was present during the signing of the MoUs.

“It is time for us to explore new areas of further collaboration in trade and investment. Together, we can create a prosperous future that benefits both our countries and people,” she said.

The premier said that the partnership between Bangladesh and China holds unbound promise as both countries are looking to the future.

“Our shared vision for economic growth, technological advancement, and sustainable development forms the cornerstone of our bilateral relations,” she added.

She also extended an open invitation to  Chinese businesses to visit Bangladesh, explore the opportunities, and experience the warmth and hospitality of Bangladeshi people.

Under four of these MoUs, Bangladesh will receive $490 million in investments, targeting industries such as textiles, electric vehicles, solar power, fintech, and technology.

Key MoUs and investments:

1. Nagad and Huawei Technologies (Bangladesh) Ltd: This MoU secures a $50 million investment for a strategic partnership to develop a next-generation digital financial platform, promoting the vision of a SMART Bangladesh.

2. Dex Bangladesh Tech Ltd and Huawei Technologies (Bangladesh): A $20 million investment is dedicated to the “Bangladesh Capital Market Digital Transformation Project”.

3. Deshbondhu Group, Chemtex, and China Chemical CNCC: A significant $400 million investment will establish the largest PSF, PET bottle, and textile grade factory on 33 acres in the Mongla Economic Zone.

4. China Road and Bridge Corporation (CRBC) and Ningbo Cixing Company Limited: This MoU focuses on an investment framework agreement in the Chinese Economic and Industrial Zone in Bangladesh.

5. Billion10 Communications Ltd and CHTC (HengYang) Intelligent EV Company Ltd: An MoU on manufacturing electric vehicles.

6. Billion10 Communications Ltd and Ningbo Sun East Solar Co Ltd: This MoU involves setting up a Solar Park in Sylhet.

7. Billion10 Communications Ltd and HeSheng (Hoshine) Silicon Industry Co Ltd: Investment in the renewable energy industry.

8. Billion10 Communications Ltd and Zhongke Guorui (Zhuhai) New Material Technology Co Ltd: An investment in Bangladesh's waste lubricant oil recovery and refining industry.

9. EB Solution Ltd and Hongji Intelligent Transport Co Ltd: This MoU targets investment in the Dhaka City Mobile Project.

10. EB Solution Ltd and Ningbo Shering New Energy Technology Ltd: Investment in Bangladesh's Smart Cold Chain Logistic Solutions sector.

11. Intraco Refueling Station PLC and Shijiazhuang Enric Gas Equipment Co Ltd: A $20 million investment in CNG transportation by river and road.

12. Zibo Jinhuateng Paper Machinery Co Ltd and Nitol Niloy Group: Investment in the paper machinery sector in Bangladesh.

13. Zhengzhou Dongfeng Mid-South Enterprise Company and Nitol Niloy Group: Investment in TBR Tyre Projects in Bangladesh.

14. Shandong Sunite Machinery and Nitol Niloy Group: Investment in Bangladesh's Aerated Autoclave Concrete (AAC) Block sector.

15. Dalian Huahan Rubber & Plastic Machinery and Nitol Niloy Group: Investment in Bangladesh's rubber machinery industry.

16. ZP Technology (Anhui) Co Ltd and Nitol Niloy Group: Joint investment in lithium batteries and electric vehicles in Bangladesh.

 

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