Economic Benefit through Belt and Road Initiative: Challenges and Options for Bangladesh

The economic rise of China is one of the greatest events of the twenty-first century, and countries around the world have taken tremendous interest in China due to its ambitious Belt and Road initiative (BRI) which has been hailed by Chinese president Xi Jinping as “the project of the century†. As of December 2021, 145 countries have joined the initiative which seeks to link Asia with Africa and Europe through land and maritime networks with the purpose of enhancing regional integration, boosting trade, and increasing economic growth. Bangladesh has also welcomed BRI in 2016 involving itself through one of its six economic corridors- the Bangladesh-China-India-Myanmar (BCIM) and has taken its bilateral relationship to a new height. Of the 27 project agreements for investments and loans totaling around $24.45 billion signed in 2016, nine projects worth more than $7 billion are presently underway as part of the BRI. The goal of this study is to look at the economic benefits that Bangladesh is expected to gain from the BRI. It critically examines the economic involvement of China in Bangladesh to identify how that impacts local economy. In this regard, the economic and geopolitical challenges arising from Bangladesh’s involvement in the initiative are examined, and possible options for Bangladesh are highlighted. The methodology of the paper is analytical and descriptive in nature.