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Bangladesh expects more large scale investment from Japan

BSS . Dhaka
29 Jan 2023 19:27:09 | Update: 29 Jan 2023 21:24:09
Bangladesh expects more large scale investment from Japan
— PID Photo

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

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, commerce and investment.

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

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

The commerce minister noted that it would be easier to make decisions on bilateral trade and investment if businessmen from both nations frequent the countries with visits.

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

Tipu mentioned that work is going on in full swing to set up some 100 special economic zones in Bangladesh while many 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.

Since 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 relationship with Bangladesh in the areas of trade, commerce, investment and economy.

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

He said Bangladesh has started taking the necessary preparations in the right time to face the post-LDC graduation challenges.

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

Additional secretary to the ministry of commerce (FTA) Nur Md Mahbubul Haque was present on the occasion.

Later, the newly elected board of directors of the Japan-Bangladesh Chamber of Commerce and Industry met the Commerce Minister.

Prior to this, the Commerce Minister handed over licenses to various business bodies.