Accra:Japanese companies are poised to reaffirm their investment interests in Bangladesh, contingent on a potential visit by Bangladesh Prime Minister Tarique Rahman to Japan. Kazuiki Kataoka, the Japan External Trade Organisation (JETRO) Country Representative, indicated that this visit could bolster investment opportunities, supported by renewed confidence in Bangladesh's political stability.
According to United News of Bangladesh, Currently, no official announcement has been made about the Prime Minister's visit, although reports from Bangladeshi media suggest it may occur soon. Kataoka noted that the political landscape has improved since the formation of a new government in February, encouraging Japanese companies to explore the Bangladeshi market more actively.
Despite improvements, Japanese investors still face challenges such as customs clearance and visa processing. JETRO is advocating reforms to enhance Bangladesh's attractiveness for foreign direct investment. Kataoka emphasized the need for developing upstream industries like steel and chemicals to support advanced manufacturing sectors, which could mitigate high production costs and enhance competitiveness.
The Economic Partnership Agreement (EPA) signed between Bangladesh and Japan in February is expected to facilitate trade and improve intellectual property protections. Effective implementation of the EPA could create a more transparent market, benefiting both countries.
Kataoka also stressed the importance of strengthening people-to-people ties alongside government relations, as Japan continues to view Bangladesh as a vital partner. As the newly elected president of the Japan-Bangladesh Chamber of Commerce and Industry (JBCCI), he aims to foster deeper business links and create new partnership opportunities between the two countries.