Tokyo:Prime Minister Tarique Rahman has extended an invitation to Japanese companies to explore investment opportunities in five key sectors of Bangladesh, namely automotive manufacturing, energy, technology and space cooperation, rail and logistics, and agro-processing and manufacturing. This initiative aims to strengthen trade and investment ties between the two nations.
According to Bangladesh Sangbad Sangstha, the Prime Minister delivered a keynote speech at the Bangladesh-Japan Economic Forum Dialogue held at JETRO Hall in Tokyo. He highlighted the presence of approximately 350 Japanese companies in Bangladesh, noting that Japanese direct investment in the country is currently under US$500 million. Emphasizing the potential for enhanced economic collaboration, Rahman cited the recent trade figures, with Bangladesh exporting US$1.36 billion worth of goods to Japan and importing US$2.16 billion from Japan in the last fiscal year.
Rahman emphasized the historical friendship between Bangladesh and Japan, recalling Japan's early recognition of Bangladesh in 1972 and its role as a major development partner for over 50 years. He also mentioned the significant contributions of his parents in fostering bilateral relations.
The Prime Minister announced the signing of an Economic Partnership Agreement (EPA) between Bangladesh and Japan, marking the first such agreement for Bangladesh with any country. This agreement allows 7,379 Bangladeshi products duty-free access to Japan, while Japanese goods will receive preferential access to Bangladesh.
Highlighting Bangladesh's large market and young workforce, Rahman noted the country's potential to become a top consumer economy by 2030. He discussed various sector-specific opportunities, such as Toyota's plans for a vehicle manufacturing facility in Bangladesh and potential investments in LNG infrastructure and renewable energy. Additionally, he mentioned plans for a Bangladesh-Japan Technology Park and potential collaboration in space technology.
Rahman also outlined plans for a nationwide high-speed rail network and encouraged Japanese investment in agro-processing at the Bangladesh Special Economic Zone at Araihazar. He addressed concerns about energy reliability, infrastructure, and customs, assuring efforts to improve these areas.
The Bangladesh-Japan Economic Forum Dialogue was organized by JETRO, with support from the Bangladesh Embassy in Japan. It featured speeches from various officials, including JETRO President Susumu Kataoka and Japan's Parliamentary Vice-Minister Shinji Wakayama, alongside presentations from industry representatives.
Source Bangladesh Sangbad Sangstha