Dhaka:Bangladesh and Japan have formalized six bilateral cooperation instruments and committed to two yen-loan projects totaling approximately US$295.5 million. This development occurred during Prime Minister Tarique Rahman's four-day official visit to Japan, aiming to enhance collaboration in maritime security, investment, agriculture, fisheries, skills development, and climate change.
According to Bangladesh Sangbad Sangstha, the agreements and pledges were part of the outcomes of Prime Minister Rahman's visit from October 26 to 29, invited by Japanese Prime Minister Sanae Takaichi. Deputy Press Secretary Shahadat Shadhin highlighted these developments.
The six signed instruments include a grant agreement valued at up to 2.12 billion Japanese yen (US$13.44 million) to provide Bangladesh with a patrol vessel, bolstering its maritime security capabilities. Other areas covered by the agreements include economic relations, business environment improvement, agricultural cooperation, employment and skills development, fisheries and livestock, and climate change cooperation.
Additionally, the two governments have pledged yen loans of 15.88 billion yen (US$100.8 million) for enhancing the investment environment and 30.68 billion yen (US$194.7 million) for the second phase of the Upazila Governance and Development Project. The combined loan pledges amount to 46.56 billion yen, approximately US$295.5 million.
The maritime security grant will result in Japan providing a patrol vessel to the Bangladesh Coast Guard to enhance its ability to tackle maritime crimes and respond to incidents and natural disasters. The memorandum of cooperation on economic relations and business environment improvement was signed between Japan's Ministry of Economy, Trade and Industry and Bangladesh's Economic Relations Division under the Ministry of Finance, aiming to fortify bilateral economic relations and improve business and investment conditions.
The agricultural cooperation instrument, signed between Japan's Ministry of Agriculture, Forestry and Fisheries and Bangladesh's Ministry of Agriculture, seeks to expand cooperation and attract investment in the agricultural sector. A separate memorandum between the Japanese ministry and Bangladesh's Ministry of Fisheries and Livestock aims to promote trade, investment, technological exchange, and capacity building in fisheries and livestock.
The climate change cooperation letter of intent was signed between Japan's Ministry of the Environment and Bangladesh's Ministry of Environment, Forest and Climate Change. The employment and skills development instrument intends to strengthen cooperation in skills development and employment opportunities for Bangladeshi workers in Japan.
The yen loan pledged for improving the investment environment is expected to support efforts to create more favorable conditions for domestic and foreign investors. The second loan pledge will support the second phase of the Upazila Governance and Development Project, which aims to strengthen local governance and development at the upazila level.
These instruments complement broader agreements reached during the bilateral summit between Prime Minister Rahman and Prime Minister Takaichi at the Japanese Prime Minister's Office on October 27. At the summit, both leaders agreed to upgrade the Bay of Bengal Industrial Growth Belt (BIG-B) initiative into a broader strategic cooperation framework titled 'BIG-B for Shared Prosperity.'
During the visit, Prime Minister Rahman also engaged with Japanese political leaders, business representatives, and development partners to explore further investment, technology transfer, skills development, and economic cooperation. The visit is set to conclude on October 29.