Bangladesh a new frontier for Japanese investment, says envoy

Japanese companies are looking at Bangladesh as a new frontier of investment in Asia, Japanese Ambassador to Bangladesh Ito Naoki has said.

He made the remarks at a digital event seminar on Banking Support for Bangladesh-Japan Trade and Business Growth jointly organised by

Eastern Bank Limited (EBL) and Japan External Trade Organisation (JETRO) on Monday, said the bank in a statement.

“One of the outstanding issues in bringing ease of doing business here in Bangladesh is the known restrictive use of telegraphic transfer in settling import transactions,” he said.

“Nowadays telegraphic transfer is a standard method in international trade settlement. Bangladesh has yet to standardize it that has been a predicament of integrating Bangladesh into global supply chains, “he added.

Attended by representatives of top Japanese companies operating in Bangladesh, the seminar was arranged to discuss and understand banking services and products requirements for Japanese investment in the country.

EBL Managing Director and CEO Ali Reza Iftekhar said Japan is the biggest development partner of Bangladesh and as a leading private commercial bank of the country EBL should come up with products and services to meet the ever-growing banking requirements of Japanese companies operating here in Bangladesh.

The EBL soon opens a Japan Desk to cater to the banking needs of the Japanese companies to provide one-stop service, he said.

JETRO Country Representative Yuji Ando said Japan and Bangladesh have been enjoying a special relationship for a long period.

“During the challenging time of COVID-19 pandemic, Japanese companies suffered supply chain disruption. Japanese companies are looking for diversification of the supply chain to reduce the risk.

Bangladesh is one of the potential countries for the Japanese companies to diversify their production.”