Bangladesh expects more large-scale investment from Japan: Tipu

Mentioning that Bangladesh expects more large-scale investment from Japan, Commerce Minister Tipu Munshi said on Sunday that following evolution and elevation from the LDCs, Bangladesh is very much eager to boost bilateral trade, commerce and investment.

These issues were discussed when the newly appointed Japanese Ambassador to Bangladesh Iwama Kiminori met the commerce minister at his Secretariat office on Sunday, read a ministry press release.

Japan has also shown great interest in this regard while efforts are set in motion accordingly.

Tipu said, considering the LDC evolution, efforts will also be made to sign instruments like Preferential Trade Agreement (PTA) or Free Trade Agreement (FTA) to boost bilateral trade.

The commerce minister noted that it would be easier to make decisions on bilateral trade and investment if businessmen from both nations frequently visit each other’s countries.

Terming Japan as a trusted ally of Bangladesh, he said that Japan is a major development partner, andBangladesh enjoys warm trade and economic relations with the country.

Tipu mentioned that work is going on in full swing to set up some 100 special economic zones in Bangladesh. Many of them are at the completion stage where Japan is also investing in large numbers.

He said, considering the country’s smooth graduation from the LDCs by 2026, deals like PTAs and FTAs would be signed with different countries to enjoy trade benefits.

As Bangladesh is going to face many challenges centring the LDC graduation, Tipu said that a joint study group is ready to work in facilitating discussions and skilled negotiations with Japan to increase trade-related facilities.

In response, the Japanese ambassador said that Japan attaches priority to its ties with Bangladesh in the areas of trade, commerce, investment and economy. He assured that Japan would continue to stand beside Bangladesh following the country’s LDC evolution in 2026.

Mentioning that Japan has a lot of investments in Bangladesh, Kiminori said that Japan is interested in enhancing its economic relationship with Bangladesh.

He said that Japan has already formed a joint working group with concerned government officials and experts to sign the Economic Partnership Agreement (EPA) with Bangladesh.

The process would be much smoother if Bangladesh also forms a similar think tank with skilled officials and experts, the envoy said.

Kiminori also assured his country’s continued support towards the development journey of Bangladesh.