Bangladesh's exports to China are heavily concentrated on garments despite having duty-free market access of over 4,700 items, senior officials of Standard Chartered Bank said yesterday.

Of nearly $800 million exports to China this fiscal year, 84 percent were garments, they said at a press conference to share the bank's views on the China's Belt and Road initiative at the capital's Sonargaon hotel.

Over a dozen officials from Standard Chartered China attended the programme.

“Many of China's labour-intensive export processing units have been shifting to other countries. Bangladesh can be a good destination for Chinese private investment,” said Abrar A Anwar, chief executive officer of Standard Chartered Bangladesh.

He mentioned garments, shoes and toys as some of the labour-intensive industries that can be relocated here from China.

Anwar said engagement with the OBOR initiative will help Bangladesh get Chinese private investment.

Government-to-government investments are taking place at present; China Development Bank and Export Import Bank are mobilising large amounts of capital to Bangladesh.

“The second wave of investments will come from the private sector. We are in discussion with many Chinese investors.”

Standard Chartered Bangladesh has been involved in facilitating Chinese investment into the Bangladesh economy and has been acting as a bridge between Chinese investors and investment opportunities in Bangladesh, he said.

“The Silk Road has the potential to bring about a new era of prosperity for the region and indeed the world,” he added.

Naser Ezaz Bijoy, country head of global banking of Standard Chartered Bangladesh, said they have received a lot of queries from Chinese investors in the last one year. China has taken up the OBOR initiative in 2013 as part of its move to revive the old silk maritime route.

Already, more than 65 countries have agreed to be in the Belt and Road initiative that represents 60 percent of the world's population and over a third of the world's total economy.

The initiative is a major driving force to support growth, development and prosperity of the countries by building infrastructure that connect the countries and by facilitating trade and investment, according to the bank's officials.

Sebastian Er, director of executive committee of OBOR in Standard Chartered China, said the bank has footprints in 46 of the Belt and Road countries, particularly in regions with the most dynamic activities such as Southeast Asia, South Asia and Africa.

“OBOR is likely to benefit every country,” he added.

Bitopi Das Chowdhury, head of corporate affairs of Standard Chartered Bangladesh, moderated the press conference.