China Bangladesh Photo: VCG

China said it has completed the entry procedures for Bangladesh's export of fresh mangoes to China, and vowed to further promote high-quality agricultural products from the South Asia country entering the Chinese market, read a joint statement released on Thursday. 

Analysts said the statement further enhanced cooperation between China and Bangladesh and demonstrated a mutually beneficial collaboration model for South Asian countries.

The joint statement was released as Bangladeshi Prime Minister Sheikh Hasina wrapped up her state visit to China on Thursday. 

Qian Feng, director of the research department at the National Strategy Institute at Tsinghua University, attributed the steady growth of the China-Bangladesh relationship to high economic complementarity, as well as the alignment of the China-proposed Belt and Road Initiative with the current stage of Bangladeshi economic development. 

According to the joint statement, the two sides agreed to deepen cooperation in trade, investment and finance, conclude the joint feasibility study on a China-Bangladesh free trade agreement, and launch formal negotiations as soon as possible.

China and Bangladesh agreed to further strengthen communication on the export of high-quality Bangladeshi agricultural products to China. Aside from mangoes, China welcomes Bangladesh to expand exports of jute, leather, aquatic products and other high-quality special products to China, read the statement. 

In the latest trade data released by China's General Administration of Customs, from January to May 2024, China-Bangladesh bilateral trade amounted to 74.91 billion yuan ($10.30 billion), gaining a positive growth of 0.2 percent year-on-year. 

Notably, boosted by favorable tariff policies, Bangladesh's exports to China during the period hit 3.27 billion yuan, a significantly surge of 23.6 percent year-on-year. 

Moreover, China has also been one of the largest sources of investment in Bangladesh. As of the end of 2023, China's investment stock in Bangladesh had increased to nearly $1.4 billion, with nearly 700 Chinese-funded companies in Bangladesh, creating more than 550,000 jobs, according to the Chinese Embassy in Bangladesh.

Al Mamun Mridha, secretary general of the Bangladesh China Chamber of Commerce and Industry told the Global Times in a recent interview that China's advanced technologies and vast experience in various industries can greatly assist Bangladesh in its industrial modernization and development.

"Furthermore, adopting advanced Chinese technologies and products can enhance the productivity and competitiveness of Bangladeshi industries on the global stage," Mridha said. 

During Bangladeshi Prime Minister Sheikh Hasina's state visit, the two sides signed cooperation documents on trade and investment, digital economy, financial regulation, education cooperation, medical care and public health, infrastructure cooperation, green and low carbon development, agricultural cooperation, hydrological forecasting, and cooperation in radio and television, according to the joint statement. 

Wang Jinwu, a commercial manager from the Bangladesh Office of Chinese No.5 Engineering Co. Ltd. of CCCC FHEC, who had been working in the South Asian country for eight years, told the Global Times on Thursday that the joint statement will play a positive role in promoting Chinese investment in Bangladesh, and will also provide reassurance to Chinese entrepreneurs who are currently investing or have already invested in Bangladesh.

"With the upgrade of bilateral relationship, I believe there will be more opportunities and potential in the two countries' private trade, economic zones, and related industry upgrades in the future," Wang said.