China to invest $2 bn in Bangladesh’s construction materials sector

Dhaka: A state-owned Chinese firm has offered to invest $2 billion in Bangladesh’s construction materials sector, a media report said.

The China Building Materials Federation has presented a plan to Bangladesh Investment Development Board (BIDA) offering $2 billion investment in the sector, bdnews24 reported.

BIDA said a 12-strong Chinese delegation met its Executive Chairman Kazi M. Aminul Islam on Tuesday and expressed interest in investing.

The chairman said they would get ‘one stop service’ in Dhaka.

The Chinese side presented a proposal on ‘Cooperation Proposal for China-Bangladesh Building Material Upgrade Project and the Development of Industrial Park’ for investment in construction materials such as bricks, tiles, cement, ceramics and mosaic.

Both sides also agreed to sign a MoU for an institutional framework of the proposal.

BIDA is working to woo investors through a series of reforms. It aims at improving Bangladesh’s ranking in the World Bank’s ease of doing business index to below 1OO from the current 176 in the next five years, the daily said.