In 2013, the Belt and Road Initiative — consisting of the Silk Road Economic Belt and the 21st-Century Maritime Silk Road — was first put forward by the current president of the People’s Republic of China, Mr. Xi Jinping. There are three main aims of this initiative: firstly, China wants to enlarge connectivity along and beyond the routes of the ancient Silk Road; secondly, the Communist government under President Xi desperately wants to enhance both China’s development and its cooperation with worldwide partners (such as Asia, Africa, and the European Continents), focusing on five key areas such as trade, policies, infrastructure, finance, and people-to-people relations; and thirdly, China wants to enhance its economic and political hegemony all over the world.
The BRI has in the meantime included and brought more than 140 countries and international organizations under the umbrella of it. One of the oft-cited reasons for the immensely growing popularity of the mega development initiative is that it merely, as of today, underscores economic development while keeping aside collective security collaboration like NATO and keeping away from interference in the internal affairs of the BRI signatory countries, for instance. As a signatory member of the BRI, Bangladesh, with its strategic geographical location and burgeoning economy, is supposed to get a total of $40 billion from the Chinese government ($26 billion for the BRI project and $14 billion for the joint venture project) with considerable interests and terms.
As a part of its BRI strategy, China has already invested in numerous mega projects, such as the Padma Bridge Rail Link, the Bangabandhu Tunnel under the Karnaphuli River, and the Dhaka-Chattagram highway, along with other commercial projects in the power and energy sectors. These projects are and will be supporting the Bangladeshi economy, keeping GDP growth rates over 6 percent. In terms of trade, Bangladesh exports the highest quantity of products from China, though there is a huge gap between imports and exports between the countries — a clear indicator of the economic dependency theory applied by China to Bangladesh. Plus, as a part of this initiative, the project of the century, China keeps itself billions of miles away from Bangladesh’s internal issues, ranging from politics to human rights issues. In terms of people-to-people relations, China offers a variety of opportunities.
However, the BRI—a rival project of the USA’s Indo-Pacific Strategy and an avenue for economic trapping—is not without its challenges. China, which believes in communism, is almost the opposite of democracy, and adopted a mixture of socialism and capitalism, has declared some other initiatives interconnected with the BRI outright: the Belt and Road Studies Network (BRSN), the Belt and Road News Network (BRNN), the Road Energy Partnership (BREP), and the Digital Silk Road Initiative (DSRI). It means, China will connect digitally and electronically with all the signatory members down the road, which can be a matter of concern for Bangladesh.
The Economic Trap Diplomacy, Economic Dependency Theory, String of Pearls Theory, and Checkbook Diplomacy of China would have to be studied prudently prior to embracing all initiatives, inspired by Sri Lanka, Pakistan, Djibouti, and other African countries where China invested. Moreover, a huge investment in infrastructure and embracing the fourth industrial revolution might take a toll on the environment and employment, respectively. From a geopolitical perspective, Bangladesh might find itself in a delicate position as a key participant in both the BRI and the Indo-Pacific Strategy. The USA and its allied European countries—the largest market for Bangladeshi RMG—expect support from Bangladesh in the Indo-Pacific Project. Simultaneously, India, another rival of China and not a signatory member of BRI, is keeping a diplomatic eye on Bangladesh-China relations.
Though as a key member of the Security Council of the United Nations China, which has never made any sort of comments on Bangladesh’s political affairs and has shown its negligence and remained silent in tackling the Rohingya crisis in Bangladesh, has been virtually successful in disseminating its trade influence all over the world, it has a sort of cold war with the USA and its allied countries (a certain number of countries), which are also the development partners of Bangladesh. Notably, China and its One Belt, One Road project has become a matter of security concern for the USA. The USA considers China a global threat to democracy and security, making the initiative a complex issue.
Despite all the above challenges, Bangladesh, which believes in “friendship to all but malice towards none”, may reap the benefits associated with them by prioritizing those projects that are economically viable, environmentally sustainable, and socially responsible. Bangladesh might prudently leverage its strategic location and participation in the BRI and Indo-Pacific Strategy; it can utilize its role as a key participant in the BRI and Indo-Pacific Strategy to attract more investments and partnerships, which will diversify Bangladesh’s economy and create more jobs for its growing population. As of today, Bangladesh has been effectively successful in balancing economic, political, and philosophical relationships with all the countries intertwined with the BRI and the Indo-Pacific Strategy.
Bangladesh—inundated with natural and human resources and located in a great position in the Bay of Bengal—needs to harness the full potential of Chinese investments in the BRI in diverse sectors while safeguarding its sovereignty, financial stability, and environmental integrity. Bangladesh also needs to maintain and improve its good relations with the Western and other countries for its development in economic and other sectors. To maintain relations and continue the balance between rival countries and groups of countries, by mitigating obstacles to development like corruption and mismanagement, Bangladesh needs to work in tandem with all stakeholders and international key actors.
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