The long-awaited Teesta River Comprehensive Management and Restoration Project is likely to see the light this time. It came to the forefront during a tête-à-tête between Bangladeshi Prime Minister Tarique Rahman and Chinese President Xi Jinping during the former's recent visit to Beijing.
The two leaders formally discussed and agreed to deepen bilateral cooperation on the Teesta project, along with several other key issues. These mainly included elevating bilateral relations to a strategic partnership, enhancing economic cooperation, reducing the bilateral trade gap that is largely in China's favour, promoting infrastructure development and connectivity, advancing the Belt and Road Initiative (BRI) and building a China-Myanmar-Bangladesh Economic Corridor.
As a result, the two countries signed 17 Memorandums of Understanding (MoUs) covering trade expansion, investment cooperation, human resource development, green development, health and media collaboration. Besides, an MoU was signed between the Bangladesh Nationalist Party (BNP) and the Communist Party of China (CPC).
Coming back to the Teesta project, Tarique Rahman sought Chinese technical assistance and investment for its implementation and management, which involve dredging, reservoir construction and the development of economic hubs. China assured Bangladesh of its comprehensive support for this water management and restoration initiative.
From the Chinese side, Beijing extended full support and cooperation not only for the management of the Teesta but also for other rivers in Bangladesh, as the new government has undertaken massive river dredging and canal excavation programmes aimed at reducing flood risks, protecting the environment and improving water resource management across the country.
What has prompted Dhaka to push ahead with the Teesta project with Chinese support? The main reason is that the Teesta water-sharing issue with India has remained unresolved for a long time, causing flash floods in the country's northern region during the monsoon while creating a severe water shortage in the dry season when India unilaterally withdraws water from the river.
Although Bangladesh government officials have said that the Teesta project should not create difficulties with India because it is located entirely within Bangladesh, it is expected to irk New Delhi because of China's involvement. Delhi's uneasiness mainly stems from the project's proximity to the strategically important Siliguri Corridor, also known as the Chicken's Neck, a narrow stretch of land that connects mainland India with its northeastern states, commonly known as the Seven Sisters. This is why any external presence in the area is viewed as a security concern by the Indian government.
The latest developments following Tarique Rahman's visit to Beijing suggest that Bangladesh and China are moving closer to a final agreement on the implementation of the Teesta project, for which Chinese experts have already completed a feasibility study. A team of Chinese experts also visited Bangladesh last year following a water management MoU signed between the two countries in 2005.
In addition to river management, trade and investment featured prominently during Tarique Rahman's three-day visit to China, which is Bangladesh's largest source of imports. China's annual exports to Bangladesh amount to around $18.19 billion, while its annual imports from Bangladesh remain at only about $1.3 billion.
On the investment front, China is one of the largest investors in Bangladesh, with nearly 700 Chinese companies currently operating in various sectors of the economy, particularly in power generation, having invested more than $7.7 billion. This investment is expected to grow further in the coming years. In fact, Chinese investment in Bangladesh gained significant momentum after President Xi Jinping's historic visit to Dhaka in 2016, when China pledged around $24 billion to finance a number of mega projects.
Following the recent visit of Bangladesh's Prime Minister to China, it is hoped that the longstanding and time-tested relationship between the two countries will reach new heights in the years ahead.
