Big domestic market attracted Sumito Corp to invest in BSEZ: CEO 

The Sumitomo Corporation, one of the largest worldwide Japanese general trading companies, was interested to invest in the Bangladesh Special Economic Zone (BSEZ) because of Bangladesh’s big domestic market and an investment friendly environment, said the company’s Chief Executive Officer (CEO) Masayuki Hyodo.

“It is a great honour and pleasure for me that we could invest in such a special economic zone,” he said at the inauguration ceremony of BSEZ at Araihazar of Narayanganj yesterday, adding that his company wants to continue supporting Bangladesh’s sustainable prosperity.

The BSEZ, also known as the Japanese economic zone, is the first EZ in the country to be developed under a government-to-government (G2G) arrangement.

Prime Minister Sheikh Hasina inaugurated the zone, where Hyodo, outgoing Japanese Ambassador to Bangladesh Ito Naoki, Bangladesh Economic Zones Authority (BEZA) Executive Chairman Shaikh Yusuf Harun and other senior officials were present.

Sumitomo Corporation is the biggest investor of the special EZ, holding a 61 per cent share alongside BEZA and the Japan International Cooperation Agency (JICA) which holds 24 per cent and 15 per cent shares respectively.

Speaking at its opening ceremony, Hyodo, who is also the president of Sumitomo Corp, said the BSEZ has been opened amid various challenges of the Covid-19 pandemic and a dwindling global economy.

He said, “Industrial parks are vital for sustainable economic development. As a world leading company, Sumitomo Corporation has around 30 years of experience in this field.

“The corporation is determined to do every possible work for sustainable development.”

Hyodo hopes the special EZ will play a crucial role in boosting trade and economic prosperity in the Asia-Pacific region.

Also speaking on the occasion, Ambassador Naoki said the BSEZ will undoubtedly attract investment not only from Japanese companies but also from other international companies.

“It is the first G2G economic zone developed by Japan in Bangladesh. Overcoming all challenges posed by Covid-19, the BSEZ has opened. The zone fully meets the international standard in terms of facilities and infrastructures an SEZ has to offer,” he said.

Naoki expects that more than 100 companies will operate here in the future, with $1.5 billion investment in total. The BSEZ can provide prospective investors with the best
possible environment in the region.

The ambassador, set to leave Bangladesh next week, said, “There is a 50-year long relationship between Bangladesh and Japan.

“Many famous Japanese companies have been working in Bangladesh for a long time. They are also constructing an airport, Matarbari deep sea port and many other things here.

“Japan stands to continue Bangladesh’s development.”

The BSEZ is set up on around 1,000 acres of land.

BEZA Executive Chairman Harun said development works have already been completed on 500 acres of land.

Echoing Naoki, he said, “We expect around $1.5 billion in investments and 1 lakh employment opportunities here.”

Harun added that another EZ for Saudi Arabia will be set up in the country.

BSEZ Managing Director Taro Kawachi gave a vote of thanks in the event.

Two companies -Onda Corporation and NICCA Chemical of Japan- have separately signed two memorandums of understanding (MoU) to manufacture gas metres and produce chemicals in the BSEZ.

Harun said some 40 internationally renowned companies are keen on investing in the special EZ.