Dhaka: Prime Minister’s Adviser on Finance and Planning, Prof Rashed Al Mahmud Titumir, emphasized on Monday that the government is focused on transforming investment into production, which will subsequently lead to employment creation and a robust tax base to finance public goods.
According to United News of Bangladesh, Prof Titumir highlighted the need for improvement in Japanese investment in Bangladesh, noting the potential for growth. He mentioned that official development assistance (ODA) is increasingly influenced by geopolitical factors. He outlined the government’s intention to shift the model of ODA, with Japan playing a pivotal role in this transformation.
The Adviser made these remarks during a commemorative event for the Economic Partnership Agreement (EPA) with Bangladesh. The event featured speeches from Executive Chairman of the Bangladesh Investment Development Authority (BIDA) Ashik Chowdhury, Japanese Ambassador to Bangladesh Saida Shinichi, and other notable figures. It was organized by the Embassy of Japan in Bangladesh and the Japan External Trade Organization Dhaka Office (JETRO Dhaka), with support from the Japanese Commerce and Industry Association in Dhaka (JCIAD/Shoo-Koo-Kai) and the Japan Bangladesh Chamber of Commerce and Industry (JBCCI).
Prof Titumir stressed the importance of collaboration between private sector joint ventures and government officials. He expressed hope for significant, future-oriented developments in the upcoming summit between the Japanese Prime Minister and Bangladesh’s Prime Minister. Drawing comparisons to Japan’s support for South Korea, Singapore, and China, he emphasized the desire for similar collaborative efforts beyond official development assistance.
Addressing the broader geopolitical context, the Adviser pointed out the evolving dynamics of geo-economics and geopolitics, suggesting that Japan could help Bangladesh navigate shared risks in these areas. He also expressed a desire to enhance trade and manufacturing investment between the two nations.
Ashik Chowdhury expressed confidence in the EPA’s potential to set a benchmark for Bangladesh, highlighting the opportunity to negotiate multiple EPAs in the near future. He emphasized the shift from aid to investment, underscoring Bangladesh’s openness to business and investment from Japan.
Japanese Ambassador Saida Shinichi commended the government’s strategic plan, which aims to reconcile past issues, restore law and order, and stimulate economic growth through increased investment. He reiterated Japan’s appreciation for Bangladesh’s peaceful elections earlier this year and the new administration’s well-conceived plan.
The Ambassador also reflected on the enduring friendship between Bangladesh and Japan, noting Japan’s consistent support irrespective of Bangladesh’s ruling party. He remarked on the evolution of their cooperation into a strategic partnership based on trust and shared values. The Ambassador acknowledged initial skepticism from critics before the EPA signing, but expressed confidence in the partnership’s potential.