Bangladesh seeks to improve Japanese investment

23 Nov 2020 11:20 AM
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A tripartite agreement between two localized trade bodies and the Japan External Trade Organisation (Jetro) was signed yesterday to strengthen exclusive sector engagement in trade and investment between Japan and Bangladesh.

The Chattogram Chamber of Commerce & Industry (CCCI), the Japan-Bangladesh Chamber of Commerce & Industry (JBCCI), and the Jetro inked the memorandum of understanding (MoU) at an event in the port city.

The MoU aims to develop an idea for private sector engagement and cooperation for the next 10 years to recognize the challenges and new opportunities for strengthening ties between your two nations.

This consists of identifying the challenges and opportunities for Japanese companies operating in Bangladesh, exploring areas of technical cooperation for innovation in the private sector and locating potential sectors for export and investment in collaboration with private sector leaders.

The deal also intends to facilitate government spending to fortify the investment climate and attract Japanese investment.

This involves identifying any potential gaps in required skills together with plans for capacity advancement to aid Japanese Investors.

As part of its initiatives to facilitate Japanese investment beneath the MoU, the CCCI will set up a Japan table at its workplace to assist probable investors from the island country with the related method.

CCCI President Mahbubul Alam and Jetro Region Representative Yuji Ando, as well the president of the JBCCI, signed the agreement to tag the 50th anniversary of the Japan-Bangladesh economic alliance.

"Japan is committed to providing complex assistance and construction skilled manpower for the advancement of Bangladesh's making sector within the next 10 years," Ando said.

"We have an excellent idea about Bangladesh's financial direction as we have been involved in various development jobs for a long time."

You will find a huge opportunity in the united states to increase dependency on technology and create a skilled workforce in the manufacturing sector.

"We are considering working in these issues," the JBCCI chief stated.

This MoU follows an agreement made between your two countries back 2016 when the Jetro and the Federation of Bangladesh Chambers of Commerce and Industry penned a deal to market Bangladesh as an investment destination for Japanese entrepreneurs.

This new package is a continuation of this pact as the CCCI has joined hands with the Jetro Dhaka and the JBCCI to improve cooperation and facilitate private sector engagement, in line with the MoU.

"The purpose of this programme is to develop an idea for non-public sector engagement and cooperation and identify the challenges and new opportunities for strengthening Japan-Bangladesh commercial ties regarding both trade and investment," said CCCI President Alam.

Bangladesh has made key economic progress within the last 10 years with total exports have significantly more than doubled.

Alam also said that Chattogram is positioned in a good geographically strategic spot.

The Matarbari project and the Deep-Sea Interface in Chattogram are both parts of a big idea of Japan's since these projects have the potential to create Chattogram an attractive investment destination.

"If we can properly utilise our competitive means, Chattogram and Bangladesh all together could become the center point for economic growth in Asia later on," he added.

At the event, Commerce Minister Tipu Munshi urged Japanese businessmen to invest in the country's various financial zones.

"We desire Japanese businessmen to purchase the 100 monetary zones in a variety of sectors, including garments, household leather and food processing. We are constantly ready to give our optimum support to them," he said.

There are 315 Japanese companies presently operating in Bangladesh, 70 % of which are prepared to increase their investment, according to a Jetro survey.

Deputy Education Minister Mohibul Hasan Chowdhury, Principal Secretary of Primary Minister's Workplace Ahmad Kaikaus, Person in Parliament M Abdul Latif and a few CCCI directors were as well present at the function.