Bangladesh’s Chief Adviser Muhammad Yunus met with Chinese President Xi Jinping on Friday during his four-day visit to China, where he sought financial concessions and discussed economic cooperation, according to official reports.

Yunus Arrives in Beijing Following Boao Forum

Muhammad Yunus arrived in Beijing on Thursday, March 27, and was welcomed by Chinese Vice Foreign Minister Sun Weidong. Prior to reaching Beijing, Yunus participated in the Boao Forum for Asia Annual Conference in Hainan, which commenced on March 26. His visit aims to strengthen economic and diplomatic ties between Bangladesh and China.

According to Yunus’s Press Secretary Shafiqul Alam, the Chief Adviser had initially intended to visit India before travelling to China but did not receive a positive response from Indian authorities.

Bangladesh Seeks Reduction in Chinese Loan Interest Rates

During his meeting with President Xi, Yunus called on China to reduce interest rates on loans provided to Bangladesh. He specifically requested that the interest rates on Chinese loans be lowered from the current 3% to a more manageable 1-2%. Additionally, he sought the waiver of commitment fees on Chinese-funded projects in Bangladesh to ease financial burdens.

Yunus also met with Chinese Executive Vice Premier Ding Xuexiang on the sidelines of the Boao Forum, where he reiterated Bangladesh’s request for China’s support in a range of development projects. Discussions focused on increasing Chinese investments and relocating Chinese manufacturing industries to Bangladesh. Key sectors identified for potential relocation include ready-made garments, electric vehicles, light machinery, high-tech electronics, chip manufacturing, and solar panel production.

China’s Role as Bangladesh’s Key Lender

China is Bangladesh’s fourth-largest creditor, following Japan, the World Bank, and the Asian Development Bank. Since 1975, China has provided Bangladesh with loans totalling $7.5 billion, according to reports from Bangladesh’s Daily Star newspaper. Given this financial relationship, Yunus emphasised the importance of securing better loan terms and investment opportunities for Bangladesh’s economic growth.

Meeting with Russian Deputy PM and Nuclear Power Cooperation

On the sidelines of the Boao Forum, Yunus held discussions with Russian Deputy Prime Minister Alexey Overchuk. Overchuk conveyed Moscow’s interest in increasing wheat and fertilizer exports to Bangladesh. “Russia would like to export more wheat and fertiliser to Bangladesh,” he stated.

The two leaders also addressed the operationalisation of the Russia-funded Rooppur Nuclear Power Plant, a crucial project for Bangladesh’s energy sector. Discussions revolved around ensuring smooth implementation and cooperation in the power plant’s functioning.

Consultation with Former UN Secretary-General Ban Ki-moon

During his visit, Yunus also met with former UN Secretary-General Ban Ki-moon, who currently serves as the Chairman of the Boao Forum. The Chief Adviser sought Ban’s support and advice on ensuring a seamless transition to democracy in Bangladesh.

“We want to start anew; we need your support and advice. We are having a great opportunity now,” Yunus was quoted as saying. His remarks reflect Bangladesh’s focus on political stability and democratic governance as the country navigates economic and diplomatic challenges.

Muhammad Yunus’s visit to China marks a significant step in strengthening bilateral relations and securing economic cooperation. His discussions with Chinese and Russian leaders focused on financial relief, investment opportunities, and strategic partnerships. As Bangladesh continues its push for economic development, Yunus’s efforts to renegotiate loan terms and attract foreign investment will play a crucial role in shaping the country’s future.