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Bangladesh can be the ‘China Plus One’ investment destination for the Japanese companies with the gradually increasing investment in the country.
Japanese Ambassador to Bangladesh ITO Naoki came up with the statement during a bilateral business meeting with Dhaka Chamber of Commerce and Industry president Rizwan Rahman at DCCI headquarters on Sunday.
Describing the automotive industry of Bangladesh as a potential source of investment, the envoy informed that Japan’s Mitsubishi has completed their feasibility study and next year they will decide on investment in Bangladesh.
He informed that 321 Japanese companies are running their activities in Bangladesh and in March 2021 the Japanese FDI in Bangladesh was $ 397.15 million.
The DCCI president mentioned that in FY’2019-20, total trade volume was $2.92 billion, where the amount of export and import was $ 1.20 billion and 1.72 billion respectively.
The Japanese ambassador admitted that Bangladesh has been able to send a strong message to the world by keeping positive GDP growth even in the pandemic.
He also said that the ‘Japanese Economic Zone’ in Araihazar of Narayanganj will go into operation by next year and it will expedite Japanese investments in Bangladesh.
The envoy proposed a joint study for signing a free trade agreement (FTA) between Japan and Bangladesh.
He opined that smooth customs clearance facilities, import transactions, better infrastructure at EPZs and EZs and skilled human resources would boost ease of doing business.
Rizwan Rahman said that Bangladesh mainly exports RMG products to Japan and urged the ambassador to facilitate other promising products for export to Japan.
He opined that Japan can play a vital role in skill development in Bangladesh and share technical know-how and train Bangladeshi entrepreneurs.
The DCCI president also said that due to the pandemic, Bangladesh’s export to Japan in 2020-21 was US $1183.64 million, which was quite low than the previous year and hoped that it would increase in the coming days.
During the meeting, DCCI president Rizwan Rahman thanked the Japanese government for providing COVID-19 vaccines for the Bangladeshi people.
He also thanked the Japanese government for providing COVID vaccine for the Bangladeshi people, saying “Bangladesh and Japan have had a strong bilateral business relationship for a long time.”
He also acknowledged the Japanese entrepreneurs who have already registered in “Bangladesh Trade & Investment Summit” to be jointly organized by the Ministry of Commerce and DCCI from October 26.
DCCI senior vice president N K A Mobin, vice president Monowar Hossain and second secretary (Economic Affairs and Development Cooperation Section) of Japan Embassy Shirahata Kasumi were also present during the meeting.
