PM seeks Japanese investment in five sectors

*    5 sectors include automobiles, energy, technology, space cooperation, railways, logistics
*    350 Japanese Cos operate in Bangladesh 

*    Dhaka exports $1.36 b last year against $2.16b imports from Japan
*    7,379 BD products to receive duty-free access to Japan under EPA

Prime Minister Tarique Rahman has called on Japanese companies to invest in five priority sectors in Bangladesh. The sectors are automobile manufacturing, energy, technology and space cooperation, railways and logistics, and agro-processing and manufacturing industries. At the same time, he has emphasised diversifying Bangladesh’s export products, developing a skilled workforce and increasing Japanese investment in the ready-made garment industry. Japanese business leaders and entrepreneurs have also described Bangladesh as a promising investment destination and expressed their interest in investing in the country.

On the third day of his visit to Japan on Wednesday, the Prime Minister made these calls during a series of meetings and business dialogues in Tokyo. As part of the day’s programme, he held meetings and discussions with Japan External Trade Organization (JETRO) President Susumu Kataoka, Tadashi Yanai, Chairman and Chief Executive Officer of Fast Retailing, the parent company of the world-renowned apparel manufacturer and retailer Uniqlo, and representatives of the Bangladesh-Japan Economic Forum.

In his keynote address at the Bangladesh-Japan Economic Forum dialogue on Wednesday afternoon, Prime Minister Tarique Rahman said he was requesting Japanese companies to consider five important sectors in Bangladesh to create opportunities for future cooperation and business.

Highlighting the potential of economic relations between the two countries, the Prime Minister said around 350 Japanese companies were currently operating in Bangladesh. However, Japan’s foreign direct investment in Bangladesh remained below US$500 million.

He said Bangladesh’s export earnings from Japan amounted to US$1.36 billion in the last fiscal year. During the same period, Bangladesh imported goods worth US$2.16 billion from Japan. There is considerable scope to expand these trade relations further.

The Prime Minister said he wanted to talk about a partnership and cooperation spanning the next 30 to 50 years.
Recalling the historic friendship between Bangladesh and Japan, Tarique Rahman said Japan was one of the first countries to recognise Bangladesh in February 1972. For more than five decades, the country had been one of Bangladesh’s largest development partners.

He also recalled the visits to Japan by his father, Shaheed President Ziaur Rahman, and his late mother, former Prime Minister Begum Khaleda Zia, and their contributions to deepening bilateral relations between the two countries.

The Prime Minister said Bangladesh and Japan had signed an Economic Partnership Agreement (EPA) this year. It was the first agreement of this kind signed by Bangladesh with any country. Under the agreement, 7,379 Bangladeshi products would receive duty-free access to the Japanese market. On the other hand, Japanese products, including steel, automobile parts and electronic components, would receive preferential market access in Bangladesh.

Highlighting Bangladesh’s investment potential, Tarique Rahman said a market of more than 180 million people, an energetic young workforce with an average age of 27, and a growing middle class were among the country’s major assets. Bangladesh is expected to become one of the world’s top 10 consumer economies by 2030.

In the energy sector, he called on Japanese companies to invest in liquefied natural gas (LNG) infrastructure, efficient gas-based power generation and renewable energy.

Identifying railways and logistics as another priority sector, the Prime Minister said Bangladesh was planning to develop a nationwide elevated high-speed rail network connecting major cities, including Dhaka, Chattogram, Sylhet, Rajshahi, Khulna and Barishal.

Emphasising the importance of building investor confidence, he said, “I fully understand that certainty is necessary to conduct business. Investors need confidence. It is our responsibility to create an environment that ensures both.”

The Prime Minister also said Bangladeshi professionals proficient in Japanese could play an important role in meeting employment needs in both Bangladesh and Japan.

The dialogue was jointly organised by JETRO and the Japan-Bangladesh Committee for Commercial and Economic Cooperation (JBCCEC), with support from the Bangladesh Embassy. Business leaders from both countries attended the event.

JETRO President Susumu Kataoka delivered the opening remarks. Shinji Wakayama, Japan’s Parliamentary Vice-Minister of Economy, Trade and Industry, delivered remarks as a guest speaker. Memorandums of Understanding were exchanged, and investment and cooperative projects were announced at the event.

Finance and Planning Minister Amir Khosru Mahmud Chowdhury spoke about building an investment-driven economy in Bangladesh. Chowdhury Ashik Mahmud Bin Harun, Chairman of the Bangladesh Investment Development Authority, outlined the government’s reforms and new initiatives to facilitate investment.

SEEKS JAPAN’S COOPERATION IN EXPORT DIVERSIFICATION
Earlier on Wednesday morning, Prime Minister Tarique Rahman sought Japan’s cooperation in diversifying Bangladesh’s export products and expanding Japanese investment during a meeting with JETRO President Susumu Kataoka. The meeting discussed strengthening trade and economic partnerships between the two countries, developing skills and creating new investment opportunities.

The Prime Minister said new opportunities were emerging for Japanese investment in Bangladesh’s special economic zones, particularly in advanced manufacturing, information and communication technology (ICT), automobiles, renewable energy and agro-processing.

He also called on Japan to cooperate in Bangladesh’s skills development programmes and the establishment of Japanese-language training centres. These initiatives would help create employment opportunities in Japan and strengthen the long-term economic partnership between the two countries, it was noted at the meeting.

JETRO President Susumu Kataoka said Bangladesh was a promising investment destination because of its economic growth and geographical location. He added that various initiatives undertaken by the government led by Prime Minister Tarique Rahman had already generated interest among Japanese companies in doing business and investing in Bangladesh.

After the meeting, the Prime Minister attended a luncheon hosted by the JETRO president at his invitation.

BANGLADESH SEEKS MORE INVESTMENT IN THE READY-MADE GARMENT INDUSTRY
Prime Minister Tarique Rahman has also called on Uniqlo, Japan’s world-renowned apparel manufacturer and retailer, to expand its investment in Bangladesh.

At 10:30 am on Wednesday, he met a delegation led by Tadashi Yanai, Chairman, President and Chief Executive Officer of Fast Retailing Co. Ltd., the parent company of Uniqlo.

During the meeting, the Prime Minister praised Uniqlo’s confidence in Bangladesh and the longstanding business engagement between Bangladesh and Fast Retailing. He also called on the company to increase its investment in the country’s ready-made garment industry.

PRIME MINISTER WANTS TO MAKE DHAKA AS CLEAN AS TOKYO
Meanwhile, Prime Minister Tarique Rahman outlined his plan to transform Dhaka into a city as clean as Tokyo during an interaction with expatriate Bangladeshis organised by the Bangladesh community at Hotel New Otani in Tokyo on Wednesday evening.

At the event, the Prime Minister criticised mockery and ridicule on social media targeting the member secretary of the Am Janata Party. Expatriate Bangladeshis present at the event expressed their support for his remarks through applause.