Japan has taken the initiative to arrange private investment worth 1 trillion yen or about 6.35 billion US dollars in Bangladesh over the next five years, the country's media outlet Nikkei Asia reported on October 22.
Prime Minister Tarique Rahman arrived in Tokyo on Monday morning (October 26) on a four-day official visit. At the invitation of Japanese Prime Minister Sanae Takaichi, the visit from October 26 to 29 will focus on strengthening the strategic partnership between the two countries, expanding trade and attracting Japanese investment.
Japan may agree to provide 1 trillion yen in private investment in Bangladesh over the next five years, according to a report in Japanese media outlet Nikkei Asia. The initiative is likely to include investments in automobile and other manufacturing industries and energy infrastructure.
It is expected that the participation of investment institutions in the special economic zones developed in Bangladesh with Japanese involvement may also be included in this plan.
According to the report the several parties including Japanese business giant Sumitomo Corporation are involved in developing special economic zones in Bangladesh. Increased investment by Japanese companies in these zones could create opportunities for the development of manufacturing industries in the country, create new jobs, and increase technology and industrial skills.
The investment initiative is gaining special importance during Prime Minister Tarique Rahman's visit. He is scheduled to hold a summit meeting with Sanae Takaichi at the Japanese Prime Minister's Office on October 27. After the meeting, he will issue a joint statement and participate in a lunch hosted by the Japanese Prime Minister.
Strengthening the existing strategic partnership between the two countries expanding trade and investment, infrastructure development and development cooperation will be important topics of discussion at the meeting. The two leaders are also expected to discuss various regional and international issues.
During the visit Prime Minister will meet with representatives of Japan International Cooperation Agency (JICA), Japan Bank for International Cooperation (JBIC) and Japan External Trade Organization (JETRO). He also scheduled to hold discussions with representatives of major Japanese companies including Mitsui & Company, Sumitomo Corporation and JERA.
The Prime Minister will also deliver a keynote address at the Bangladesh-Japan Economic Forum in Tokyo also will be attended by businessmen and investors from both countries. On Wednesday, PM will visit the head office of Uniqlo and hold a meeting with the company's top officials. On the last day of the visit on Thursday also scheduled to visit the Motomachi factory of Toyota Motor Corporation in Nagoya city.
The visit is seen as important in strengthening economic ties between Bangladesh and Japan. The two countries signed an Economic Partnership Agreement (EPA) in February this year. The visit aims to effectively implement the agreement, expand access of Bangladeshi products to the Japanese market, and enhance business contacts between the two countries.
If the proposed investment plan is implemented, new opportunities could be created for the development of Bangladesh's automobile manufacturing, other industrial sectors, and energy infrastructure. At the same time, it would attract foreign investment, increase the diversity of export products and expand opportunities for Bangladeshi industrial enterprises to partner with Japanese companies.
