China takes lead in BCIM with ₹2L cr offer to Bangladesh

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  1. Bangladesh Prime Minister is on a visit to China.During the visit,nine agreements were signed in different sectors ranging from aid for the Rohingyas and economic and technical cooperation, investment, power,culture and tourism.
  2. Bangladesh PM has obtained rice aid for the Rohingya refugee crisis.China will provide 2,500 tonnes of rice for Rohingyas living in Bangladesh after being forcibly displaced from Myanmar.
  3. China has also taken a lead under Bangladesh-China-India-Myanmar (BCIM) corridor by extending a $31 billion funding package for infrastructure development in Bangladesh.
  4. BCIM corridor aims to connect China’s eastern city of Kunming with India’s Kolkata through Dhaka in Bangladesh and Mandalay in Myanmar. It envisages formation of a thriving economic belt focusing on cross-border transport,energy and telecommunication networks.
  5. India has not opposed the BCIM corridor but it has concerns about China expanding its influence in its eastern neighbouring countries.It also fears the project would open its northeastern region to China.
  6. Further,China’s financial investment in Bangladesh now appears to be its second-biggest after the $60 billion China-Pakistan Economic Corridor (CPEC).
  7. CPEC refers to a number of major infrastructure works currently under way in Pakistan intended to link Kashgar in China’s Xinjiang province to Gwadar deep sea port close to Pakistan’s border with Iran.The project seeks to expand and upgrade infrastructure across the length and breadth of Pakistan.