Japan has moved to arrange 1 trillion yen, or about $6.35 billion, in private investment in Bangladesh over the next five years. The Japanese news outlet Nikkei Asia reported this in a report published on 22 October.
Prime Minister Tarique Rahman arrived in Tokyo on Monday morning (26 October) on a four-day official visit. The visit, from 26 to 29 October at the invitation of Japanese Prime Minister Sanae Takaichi, puts particular weight on strengthening the two countries’ strategic partnership, expanding trade and attracting Japanese investment.
According to the Nikkei Asia report, Japan may agree to arrange 1 trillion yen in private investment in Bangladesh over the next five years. The initiative could cover investment in cars and other manufacturing and in building energy infrastructure.
Companies investing in the special economic zone developed in Bangladesh with Japanese involvement are also expected to be included in the plan.
According to the report, several parties, including the Japanese trading house Sumitomo Corporation, are involved in developing Bangladesh’s special economic zone.
More investment by Japanese companies in the zone could help manufacturing grow in the country, create new jobs and raise technology and industrial skills.
The investment initiative is getting particular attention during Prime Minister Tarique Rahman’s visit. He is due to hold a summit with Sanae Takaichi at the Japanese prime minister’s office tomorrow, 27 October. After the meeting he will take part in a joint statement and a lunch hosted by the Japanese prime minister.
Strengthening the two countries’ existing strategic partnership, expanding trade and investment, infrastructure development and development cooperation will be the main items on the agenda. The two leaders are also expected to discuss various regional and international issues.
During the visit, the prime minister will meet representatives of the Japan International Cooperation Agency (JICA), the Japan Bank for International Cooperation (JBIC) and the Japan External Trade Organization (JETRO). He is also due to hold talks with representatives of major Japanese companies, including Mitsui & Co, Sumitomo Corporation and JERA.
The prime minister will also give the keynote address at the Bangladesh-Japan Economic Forum in Tokyo, which business people and investors from both countries will attend. On Wednesday he will visit Uniqlo’s head office and meet the company’s top executives. On the last day of the visit, Thursday, he is scheduled to visit Toyota Motor Corporation’s Motomachi plant in the city of Nagoya.
The visit is seen as important for strengthening economic ties between Bangladesh and Japan. The two countries signed an Economic Partnership Agreement (EPA) in February this year. Effective implementation of the agreement, wider access for Bangladeshi goods to the Japanese market and more business contact between the two countries are among the visit’s main aims.
If the proposed investment plan is carried out, it could open new prospects for car manufacturing, other industries and energy infrastructure in Bangladesh. It would also widen the scope for attracting foreign investment, diversifying export goods and expanding partnerships between Japanese companies and Bangladeshi industrial firms.
বাংলায় মূল প্রতিবেদন পড়ুন · Read the original Bengali report