Japanese Minister for Economy, Trade and Industry Yasutoshi Nishimura on Sunday underscored the need for improving business environment to draw more investments in Bangladesh, and setting the direction for the next 50 years of relationship between Japan and Bangladesh.
He also called on the government of Bangladesh to work for upgrading manufacturing and developing the IT sector, enhancing institutional capacity building, industrial collaboration and utilising human resources as well as supply chain to attain a high-income country status by 2041.
Nishimura made the call while speaking as the chief guest at a daylong summit titled “Bangladesh-Japan Economic Relations for the Next 50 Years: For the Industry Upgradation of Bangladesh” held at a hotel in Dhaka.
Japan External Trade Organization (Jetro), Bangladesh Investment Development Authority (Bida), and Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) jointly organised the summit to focus on the Bangladesh-Japan economic relationship for the next 50 years, especially Japanese support to industry upgradation.
“Japan recognised Bangladesh as an independent country in 1972. So, we celebrated the golden jubilee last year. We have been maintaining diplomatic and economic ties with Bangladesh for a long time. Bangladesh’s economic progress will be a win-win situation in near future,” he also commented.
Nishimura stated that a joint study was launched in December to ink an economic partnership agreement (EPA) in order to boost Japanese investments.
More than 300 Japanese companies have already invested in Bangladesh and more investment is also coming here, he said, adding that Prime Minister Sheikh Hasina inaugurated Bangladesh Special Economic Zone, also known as Japanese economic zone at Araihazar, last year.
Japanese companies played a role in implementing Bangladesh’s mega projects like Jamuna Bridge, Matarbari deep sea port, and 3rd airport terminal in Dhaka,
“Japan would like to work jointly with Bangladesh for ensuring energy security and tackling climate change. The relationship between the two countries would be further strengthened in next 50 years as well,” he hoped.
While speaking at the event, Commerce Minister Tipu Munshi said it is encouraging that Japan is investing in Bangladesh.
“Japan is supporting us in various ways which will help us attain the country’s development status by 2041. Bangladesh will graduate from LDC status by 2026. We hope our bilateral relations will be further strengthened,” he added.
The commerce minister said that they were working on the signing of an economic partnership agreement between the two countries to take the bilateral trade relations to new heights.
ICT Division Minister Zunaid Ahmed Palak said Bangladesh has a huge demographic dividend, but it lacks in Japan. “So, we can work together to get its benefits.”
Industries Minister Nurul Majid Mahmud Humayun said Japan will benefit more if Japanese investors invest in Bangladesh’s agriculture, leather, and ICT sectors.
“We set up economic zones for foreign investors. Japanese investors can manufacture automobile parts here. Bangladesh will provide all facilities for foreign investors,” he added.
Bangladesh, Japan ink 3 deals on trade, education
Bangladesh and Japan on Sunday signed three deals–two memorandums of understanding (MoUs) for purchasing Land Use Right of BSEZ and providing Opportunity for Education by BRAC Kumon, and a memorandum of contract (MoC) for Trade Policy Making Enhancement.
Representatives from both nations signed the deals after inaugurating a daylong summit.
Japanese Minister for Economy, Trade and Industry Nishimura Yasutoshi attended the event as the chief guest, while Bangladesh’s Commerce Minister Tipu Munshi and Industries Minister Nurul Majid Mahmud Humayun were present as the special guests.
ICT Division Minister Zunaid Ahmed Palak was also present at the programme as the guest of honour.
The first MoU was signed between Bangladesh SEZ Ltd (BSEZ) and Bangladesh IRIS Co Ltd for purchasing Land Use Right of BSEZ in Phase 2.
BSEZ was inaugurated in December 2022, and already contracted five tenants. In response to many inquiries, BSEZ will plan to develop Phase 2 area by the end of 2023.
Bangladesh IRIS Co Ltd (IRIS) has been operating since 2017, and is engaged in button manufacturing. For the expansion of business, IRIS considers purchasing land in Phase 2 of BSEZ.
The second MoU was signed between BSEZ and BRAC Kumon Ltd (BKL) for providing opportunities for education by BRAC Kumon.
BSEZ and BKL will engage in social contribution activities aimed at developing the next generation of the surrounding community by providing opportunities for education to the public primary school near BSEZ.
By donating a digital tablet-based learning programme (Kumon Connect) to public primary schools, BSEZ and BKL will contribute to expanding “Digital Bangladesh,” which is promoted by the Bangladesh government.
The third MoU was signed between JETRO (Japan External Trade Organization) and Bangladesh Ministry of Commerce (MoC) for trade policymaking enhancement.
JETRO and MOC are desirous of cooperating with each other in promoting and exchanging trade information and enhancing capacity of MOC officials within JETRO and MOC. Bangladesh sought for cooperation of JETRO under the capacity building programmes of the trade policy.
Earlier, Former Japan's ambassador to Bangladesh Ito Naoki said bilateral trade between Bangladesh and Japan will reach $20 billion by 2030 from more than $3 billion at present as apparel shipments to the far eastern country are rising fast.
