Japan firms pledge $6.34b investment in B’desh

Japan’s private sector has pledged around $6.34 billion in investment in Bangladesh, which is expected to create nearly 200,000 jobs, State Minister for Foreign Affairs Humayun Kabir has said.

He made the remarks at a press conference in Tokyo on Tuesday, the second day of Prime Minister Tarique Rahman’s visit to Japan.

Humayun Kabir said bilateral relations, trade, investment and strategic economic cooperation featured prominently in talks between the prime ministers of Bangladesh and Japan. He said Prime Minister Tarique Rahman placed particular emphasis on implementing projects that would create employment opportunities for Bangladeshis.

The state minister said the Japanese prime minister had encouraged the country’s private sector to invest in Bangladesh. Both sides also stressed the need to bring the Economic Partnership Agreement (EPA) between the two countries into effect quickly.

They agreed to establish a joint ministerial-level mechanism to identify priority investment sectors and ensure projects are implemented within specific timelines. The mechanism will regularly review project progress and improve coordination between the private sectors of the two countries.

Humayun Kabir said the leaders also discussed Bangladesh’s preparations and challenges related to graduation from the least developed country (LDC) category. Japan pledged continued support for Bangladesh, while the country’s request was being seriously considered by the relevant parties, he added.

Highlighting Japan’s financial assistance for development projects in Bangladesh, the state minister said the Japanese government had pledged 50 billion yen, equivalent to around $340 million, for various initiatives, including the Upazila Governance Improvement Project. Further financing may also be available in the future.

Proposals were also made for investment in Bangladesh’s energy sector, the establishment of a technology city and the construction of elevated expressways in three to four divisions of the country. Japan has expressed interest in these initiatives, he said.

Humayun Kabir described the discussions between the two countries’ leaders as productive and constructive, saying the cordial meeting reflected their strong personal relationship. He expressed hope that the visit would take Bangladesh-Japan economic partnership to a new level.

Earlier, Prime Minister Tarique Rahman held bilateral talks with Japanese Prime Minister Sanae Takaichi in Tokyo.

sks