As French President Emmanuel Macron is now in Dhaka on his historic two-day visit to Bangladesh, the Elysee presidential palace has provided background insights to French journalists, outlining how Paris intends to structure its “economic partnership” with Dhaka.
The Elysee Palace characterizes Bangladesh as a “model country” in terms of public finance management, citing a debt level of approximately 40 percent and noting that the country is not experiencing the pressures faced by some other developing nations from creditors.
The aim of this briefing is to challenge the image of Bangladesh as a country entrenched in poverty and highlight its potential as an emerging nation with ambitions to become one of the world’s 30 largest economies by 2030.
The Elysee Palace emphasizes Bangladesh’s impressive demographic features, including its status as the world’s eighth most populous country with 170 million inhabitants, a youthful population, high rates of school enrollment, and increasing educational levels.
From an economic perspective, Bangladesh has overtaken several regional neighbors, including Pakistan and Malaysia, in terms of GDP. Furthermore, its GDP per capita now surpasses that of India, partly due to its robust growth rate, averaging around 7 percent in recent years.
Nonetheless, Bangladesh faces considerable challenges, particularly of an environmental nature, as it is widely regarded as the nation most vulnerable to climate change and rising sea levels. For instance, a one-meter rise in ocean levels would inundate nearly 17 percent of Bangladesh’s land area, according to the IPCC.
Additionally, the country contends with a crisis on its border with Myanmar, stemming from the ongoing civil conflict following a coup d’état. However, these challenges do not deter Bangladesh from envisioning a brighter future.
A nation with economic potential
The Elysee presidential palace highlights Prime Minister Sheikh Hasina’s “Smart Bangladesh” program, her increased engagement with her Indian counterpart, and her commitment to attracting investments and integrating into global supply chains.
France aims to engage with Bangladesh in areas of its strength, such as energy, with plans to provide sustainable energy solutions to support Bangladesh’s development goals and transition away from carbon-intensive energy sources.
Strategic segments like aeronautics are also on the agenda, building upon the previously signed communique for Airbus aircraft acquisition. France is keen to facilitate the energy transition and climate change adaptation in Bangladesh.
Support for Bangladesh’s development
France’s Agence Française du Développement (AFD) plays a significant role in supporting Bangladesh’s development. The AFD has tripled its commitment to Bangladesh in recent years, totaling almost €2 billion. An additional €1 billion is in the pipeline for AFD projects in the next three years.
This commitment reflects France’s determination to assist Bangladesh in its development journey and address challenges related to climate change, ecological transition, and crises like the Rohingya refugee situation.
President Macron’s visit to Bangladesh is part of France’s broader Indo-Pacific strategy, which includes strengthening ties with South Asian countries. This visit underscores the region’s political significance and France’s commitment to engaging with nations that are turning to it for support amid global pressures from major powers.
The future of France-Bangladesh cooperation involves ministerial visits for follow-up and project implementation to elevate the relationship to new heights.
Exploring nuclear energy and renewable sources
France is open to considering a holistic approach to Bangladesh’s energy sector. Discussions during the visit will aim to accelerate conversations about Bangladesh’s energy requirements. Among the topics on the table is nuclear power, as France possesses expertise in this domain.
France is listening to Bangladesh’s energy needs and is exploring options beyond nuclear power, including hydroelectricity, given Bangladesh’s geographical position along the Himalayan foothills and the convergence of major rivers like the Brahmaputra.
Renewable energy sources, such as solar power, are also under consideration, although challenges related to land availability must be addressed. Collaboration with Bangladeshi authorities will underpin the development of these projects.
In summary, President Emmanuel Macron’s visit signifies France’s commitment to strengthening its partnership with Bangladesh, a nation with significant economic potential and shared interests in addressing climate change and fostering sustainable development.
