Japan hopes effective implementation of the Economic Partnership Agreement with Bangladesh will expand bilateral trade, boost Japanese investment and create new business opportunities, the president of the Japan-Bangladesh Committee for Commercial and Economic Cooperation said yesterday.
Masumi Kakinoki, also chairman of Marubeni Corporation, expressed the hope during a meeting with Prime Minister Tarique Rahman at the Hotel Imperial in Tokyo, reports BSS.
Tarique sought Japanese investment to modernise the Karnaphuli Fertiliser Company Limited and explore the possibility of setting up a second fertiliser factory in Bangladesh.
He also called for greater Japanese investment in sectors such as information and communication technology, renewable energy and advanced manufacturing, highlighting opportunities for foreign direct investment and public-private partnerships.
“The government is committed to creating an investment-friendly environment by reforming regulations, simplifying investment approval procedures and strengthening public-private partnerships to make it easier for Japanese businesses to invest and operate in Bangladesh,” Tarique said.
The prime minister arrived in Tokyo yesterday on a four-day official visit at the invitation of his Japanese counterpart, Sanae Takaichi. Japanese State Minister for Foreign Affairs Yasutaka Nakasone received him at the airport.
Tarique is scheduled to hold a bilateral summit with Takaichi today.
During the visit, Dhaka and Tokyo are expected to sign five to eight agreements, including memorandums of understanding and cooperation, covering loans and financial support, agriculture, civil aviation, improvements to the business climate, infrastructure, upazila-level development, official security assistance for the Bangladesh Coast Guard and energy cooperation, officials said.
Bangladesh is expected to seek financial support, investment and development cooperation, while Japan is likely to focus on regional connectivity and improving the business environment.
The two countries are expected to agree on around $2 billion in loans and financial support, including $300 million in budgetary support, alongside cooperation on infrastructure development, energy and maritime security, according to officials.
Japanese power generation company JERA is also expected to help develop energy reserve infrastructure under the Moheshkhali Integrated Development Initiative.
Separately, Tokyo is expected to arrange 1 trillion yen (around $6.36 billion) in private-sector investment in Bangladesh over the next five years, Nikkei reported.
After meeting Kakinoki, Tarique met a delegation of the Japan-Bangladesh Parliamentary Friendship League, led by its president, former Japanese prime minister Taro Aso.
The PM outlined his government’s legal reforms and initiatives to improve the business environment, promote education and enhance skills development.
Both sides stressed the need to strengthen political and economic ties as well as people-to-people contacts.
Tarique sought Aso’s cooperation in boosting Japanese investment, expanding bilateral trade and strengthening technology transfer. He also hoped Japan would continue to support Bangladesh’s development priorities and efforts to build a skilled workforce.
Aso said Bangladesh’s large youth population and political stability had created a favourable investment environment, adding that Japanese companies were keen to invest there.
Tarique recalled meeting Aso during his 2006 visit to Japan as BNP senior joint secretary general. Aso also recalled meeting former prime minister Khaleda Zia.
Today, Tarique will attend the bilateral summit and a luncheon hosted by Takaichi before visiting JERA’s LNG terminal and power plant in Futtsu city, Chiba, and a Nippon Express logistics hub in Ichikawa.
On the third day, he will meet the governor of the Japan Bank for International Cooperation, visit UNIQLO’s Ariake office and hold talks with the president of the Japan External Trade Organization.
He is also scheduled to meet representatives of Mitsui & Co, Sumitomo Corp and JERA and attend the Bangladesh-Japan Economic Forum, where MoUs on education and human resource development are expected to be signed.
On the final day, Tarique will visit a Toyota factory before returning to Dhaka.
The Bangladesh delegation includes Finance and Planning Minister Amir Khosru Mahmud Chowdhury, Civil Aviation and Tourism Minister M Rashiduzzaman Millat, Prime Minister’s Adviser on Finance and Planning Rashed Al Mahmud Titumir, State Minister for Foreign Affairs Humaiun Kobir, State Minister for Power, Energy and Mineral Resources Anindya Islam Amit, Prime Minister’s Adviser on Posts, Telecommunications and Information Technology and Science and Technology Rehan Asif Asad, and Prime Minister’s Special Assistant for Overseas Employment in the Asia-Pacific Region Md Shakirul Islam Khan, among others.
Why it matters
Stronger economic and investment ties between Dhaka and Tokyo are expected to significantly boost Bangladesh's industrial modernization and infrastructure development.