BRI, IPS & IMEC: Former FS says Bangladesh cannot choose one initiative over the other

Former foreign secretary Md Touhid Hossain has said Bangladesh's Indo-Pacific outlook does not pose a conflict with any nation and aligns with international principles.

"In the prevailing circumstances, Bangladesh cannot choose one initiative over the other," he said.

When addressing the question of which way to go, the former foreign secretary emphasised the importance of careful consideration.

"On the occasion of BRI's 10th anniversary, we can see the benefits it has brought to Bangladesh, with substantial investments in various projects. However, it is crucial to be cautious about the financing terms and potential debt traps. Every country must prioritise its national interest. For Bangladesh, BRI is more about economic development than geopolitics," he said.

Bangladesh Institute of Peace and Security Studies (BIPSS) organised a lecture on "BRI, IPS & IMEC: Which Way To Go?' in Dhaka on Saturday.

The moderator of the discussion was BIPSS President Major General (Retd) ANM Muniruzzaman.

The government officials, former Bangladeshi ambassadors, diplomats and delegates from Dhaka-based embassies, officials from international organisations, academics, and journalists were present.

In his opening remarks, Muniruzzaman provided an overview and highlighted the strategic implications of regional connectivity initiatives that are the Belt and Road Initiative (BRI), Indo-Pacific Strategy (IPS), and the India-Middle East-Europe Economic Corridor (IMEC).

"These are grand strategies that have been initiated by major powers and they all have deep strategic implications. So, it is not merely a connectivity project but has other connotations involved," he said.

These initiatives, he stressed, are often conflicting and strategically competitive. He emphasised the importance of aligning participation or avoidance of these initiatives with Bangladesh's national interest. "It is important for middle power countries like Bangladesh to understand the connotations of these initiatives. Whether we join them or avoid them must align with our national interest. Bangladesh is a BRI signatory country. We also have an Indo-Pacific Outlook."

He went on to discuss the importance of connectivity in the region and the need for a clear understanding of Bangladesh's role in these initiatives.

Touhid Hossain elaborated on the connectivity initiatives: "The Belt and Road Initiative or BRI is a Global Infrastructure Development strategy adopted by the Chinese government in 2013. As of August 2023, 150 countries, including Bangladesh, have signed the BRI. The participating countries include 75% of the world's population and half of the global GDP," he said.

Hossain further explained the primary goals of BRI, which focus on infrastructure development to enhance trade and improve the standard of living in participating countries. He also noted that BRI has both economic and geopolitical implications, with China seeking to expand its influence in various regions.

Regarding the Indo-Pacific Strategy (IPS), Hossain highlighted its origins: "The IPS was first given by Japan, with a focus on security and freedom of sea lanes. The United States also laid out its Indo-Pacific strategy in December 2021, aimed at countering Chinese influence in the region. Several US allies have adopted similar Indo-Pacific strategies."

He emphasised that Bangladesh's Indo-Pacific Outlook aligns with the US position and does not conflict with any specific country.

On the Indo-Pacific Economic Corridor (IMEC), Hossain mentioned its signing on the sidelines of the recent G20 summit. "We do not know much about IMEC, but it is also a signatory initiative. It will link three regions with state-of-the-art connectivity infrastructure, boosting economic relations and investment in local value chains."

During the interactive session of the event, the questions focused on the challenges and opportunities of BRI, relationship among politics, economics and connectivity, and the implications of these connectivity initiatives for Bangladesh.