BD wants Japan to continue GSP facilities even after LDC graduation

Japanese ambassador to Bangladesh Naoki Ito has said Japan has taken steps to increase trade and investment with Bangladesh.

Japan's ambassador to Bangladesh said this while exchanging views with Commerce Minister Tipu Munshi at his office in Dhaka on Thursday (September 3).

Ito said, "Even after LDC (Least developed countries (LDC) graduation in 2024, Japan is thinking of continuing the Generalised Scheme of Preferences (GSP) given to Bangladesh. For this FTA (Free Trade Agreement) or PTA (Preferential Trading Area) can be done"

 “Japanese businessmen are interested in increasing trade with Bangladesh. A joint working group could be formed to increase trade and investment between the two countries. There is a huge demand for skilled workers in Japan. Bangladesh can take this opportunity,” he added.

Commerce Minister Tipu Munshi said, "Bangladesh has long-term friendly trade and economic relations with Japan. Japan is a big partner in the development of Bangladesh.”

Minister also said Bangladesh has a lot of opportunities to increase its exports to Japan.

“Bangladesh wants to take advantage of this opportunity. Bangladesh's exports to Japan will increase if more trade facilities are provided for the export of readymade garments.”

“Bangladesh will become a middle-income country in LDCs in 2024", the Commerce Minister called for continuing the five-year-old trade facility, saying, "100 special economic zones are being set up in the country under the direction of Prime Minister Sheikh Hasina."

"Japan will benefit if it invests in these. Bangladesh has announced a package to provide attractive investment opportunities here."

“Bangladesh is a big market for cars made in Japan. It would be profitable if Japan set up a car factory in Bangladesh,” he added.

Th Japanese ambassador told the commerce minister, "Japan is thinking of setting up an automobile factory in Bangladesh. Japan will make a huge investment in the two and a half thousand special economic zones of Bangladesh. This investment will be the largest in Asia.”

Bangladesh exported goods worth $1365.54 million to Japan in the fiscal year 2018-2019 and $1200.86 million in the fiscal year 2019-2020.

Similarly, in the fiscal year 2018-2019, Bangladesh imported goods worth $1,852.50 from Japan and in July-May of the fiscal year 2019-2020, it imported goods worth $1,294.91 million.

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