Tokyo:Bangladesh and Japan have agreed to transform their Bay of Bengal Industrial Growth Belt (BIG-B) initiative into a broader strategic cooperation framework known as 'BIG-B for Shared Prosperity.' This move aims to accelerate industrialisation, strengthen connectivity, and attract investment.
According to Bangladesh Sangbad Sangstha, the upgraded initiative will integrate power, energy, deep-sea port, industrial, and information and communication technology (ICT) infrastructure to establish Bangladesh as a major industrial value-chain hub and a strategic gateway for regional and international trade.
The decision was reached during bilateral summit talks between Prime Minister Tarique Rahman and his Japanese counterpart Sanae Takaichi in Tokyo. The leaders agreed to expand the scope of BIG-B to address emerging economic opportunities, strengthen supply chains, and navigate growing geopolitical uncertainties. They identified four priorities enhancing connectivity, strengthening resilience against natural disasters and geopolitical uncertainties, promoting public-private partnerships, and expanding cooperation for peace and stability.
A major component of the upgraded BIG-B initiative is the development of the Matarbari-Maheshkhali area into an integrated logistics, energy, and industrial hub, anchored by the Matarbari Deep-Sea Port. The leaders reaffirmed their commitment to advancing infrastructure and connectivity projects to strengthen Bangladesh's position as a regional trade and investment gateway. Enhancing connectivity is expected to contribute to sustained economic growth and wider regional prosperity.
The framework also emphasizes improvements in Bangladesh's aviation and urban transport infrastructure. Both prime ministers agreed to proceed with preparatory work for the early operationalization of the third terminal at Hazrat Shahjalal International Airport in Dhaka, and to advance the construction of Dhaka's Mass Rapid Transit (MRT) lines.
During the summit, the potential for Japanese private investment of up to one trillion yen in Bangladesh over the next five years was highlighted, with the potential to create approximately 200,000 jobs. Major investments were announced in connection with the visit, with a focus on sectors such as manufacturing, food and agriculture, ICT, and pharmaceuticals.
The leaders welcomed the signing of a Memorandum of Cooperation between Japan's Ministry of Economy, Trade and Industry and Bangladesh's Economic Relations Division to strengthen economic relations. They also agreed to promote investment through platforms such as the Japan-Bangladesh Joint Public-Private Partnership Platform and the Bangladesh Special Economic Zone.