Dhaka, Sept. 24 -- When outsiders think about global rivalries, Bangladesh is rarely the first country that comes to mind. Yet today, this South Asian nation finds itself at the crossroads of the world's two great powers.

On the one side is China, pouring billions into roads, bridges, and power plants through the Belt and Road Initiative.

On the other is the United States, Bangladesh's largest export market and a partner in trade, education, and governance.

Dhaka has no illusions about being a great power itself. But geography, economic momentum, and diplomatic autonomy have quietly made it too important to ignore.

Perched on the Bay of Bengal, sharing borders with both India and Myanmar, and hosting one of Asia's fastest-growing econ...