Factories in Araihazar Economic zone – dedicated for Japanese entrepreneurs – will go into production starting next year.
While paying a courtesy call on Thursday, Ambassador of Japan to Bangladesh Ito Naoki shared this information with Federation of Bangladesh Chambers of Commerce & Industries’ (FBCCI) President Md Jashim Uddin, says a press release.
During the call on, Ito Naoki said, “Bangladesh would be a major destination for Japanese entrepreneurs to invest in the future. The interest of Japanese companies is increasing, especially around the Araihazar economic zone.
“There is an opportunity to further develop the economy of Bangladesh by utilising this interest.”
Ito Naoki however called for making the investment environment friendlier.
He added, “Restriction on overseas remittance from branches, limitation in loans for working capital, restriction on royalty remittance, overdue payment, delay of LC, collection of additional income taxes and VAT, renewal of bond license, wage gap between inside and outside EPZ etcetera are creating barriers to the investments.
In response, FBCCI President Md Jasim Uddin assured that the FBCCI would work sincerely with the government to solve these problems.
He further said, “More than a hundred Japanese companies have been doing business in Bangladesh for many years. Besides, Japan is one of the major partners of Bangladesh in development projects.
“Moreover, with the economic development, the lifestyle of the people of Bangladesh has been upgraded. As a result, the size of the domestic market has also increased. The popularity of Japanese products in this country is also relatively high.”
Therefore, Japanese companies investing in Bangladesh are more likely to be profitable, Jasim Uddin added.
FBCCI Vice President Mohammad Amin Helaly, Md Habib Ullah Dawn, Director Md Naser, Priti Chakraborty and Secretary General Mohammad Mahfuzul Hoque were also present at the meeting.
