Tarique Rahman urges Japanese businesses to increase investment in Bangladesh

Prime Minister Tarique Rahman has urged Japanese business leaders to increase investment in Bangladesh. He said the government wants to transform the country into a global manufacturing hub. To achieve this goal, he called on Japanese companies to invest in energy, technology, electronics manufacturing and modern transport infrastructure.

The prime minister said Bangladesh has a large market of more than 180 million people. Its young workforce, growing middle class and economic growth potential have made the country an attractive destination for Japanese investors.

He made the remarks in his keynote address at the Bangladesh Japan Economic Forum in Tokyo, the Japanese capital, on Wednesday. The forum was held at the headquarters of the Japan External Trade Organization (JETRO) and jointly organized by JETRO and the Japan Bangladesh Committee for Commercial and Economic Cooperation.

The prime minister noted that Bangladesh and Japan have a longstanding relationship based on friendship and development cooperation. He said it was time to take the relationship to a new level through trade, investment, industrialization and technological cooperation.

Investment sought in three key sectors

The prime minister highlighted three key areas for future investment in Bangladesh: energy, technology and space cooperation, and modern transport infrastructure.

Urging Japanese companies to invest in the energy sector, he said reliable and affordable energy was essential for economic growth. The government wants Japan’s cooperation in energy infrastructure, efficient power generation and renewable energy projects to meet Bangladesh’s future energy needs.

He also announced plans to establish a Bangladesh Japan Technology Park. Bangladesh wants to develop an innovation driven technology park focused on artificial intelligence, cloud computing, robotics and electronics manufacturing with the participation of Japanese companies, universities and investors.

In addition, the prime minister expressed interest in expanding cooperation between the two countries by leveraging Japan’s advanced technologies in space science, satellites and space engineering.

Six divisional cities to be connected by modern transport networks

Tarique Rahman announced plans to develop a nationwide network of elevated roads and high-speed rail connecting Bangladesh’s six major divisional cities.

He expressed hope that improved connectivity between factories, ports, cities and villages would facilitate the transportation of goods and boost economic activity.

To this end, he sought Japan’s cooperation in preparing a master plan for nationwide elevated roads and rail connectivity. The prime minister also welcomed Japanese investment and financing for promising projects in the future.

Investment in Araihazar Economic Zone

Highlighting the potential for Japanese investment in Bangladesh, the prime minister said several companies, including automobile manufacturers, major retailers and agricultural machinery manufacturers, were taking initiatives to establish factories in the Japanese economic zone in Araihazar.

He said the government would provide the necessary support to these companies.

The prime minister said Japanese companies establishing factories in Bangladesh would gain access to the country’s large domestic market. They would also have opportunities to use Bangladesh as a manufacturing base to export products to markets around the world.

EPA agreement creates new trade opportunities

The prime minister highlighted the importance of an Economic Partnership Agreement (EPA) in strengthening economic relations between Bangladesh and Japan. He said such an agreement between the two countries would create new opportunities to expand trade and investment.

According to the prime minister, under the framework of economic cooperation signed recently, 7,379 Bangladeshi products would be eligible for duty free entry into Japan. Meanwhile, various Japanese products, including steel, motor vehicle parts and electronic components, would receive preferential market access in Bangladesh.

He also addressed the concerns of Japanese investors. The prime minister emphasized the importance of ensuring a reliable energy supply, improved infrastructure and stability in the customs and tax systems.

He said a predictable business environment and investor confidence were essential for conducting business. The government was working to ensure both, he added.

Hundreds of thousands of young people to learn Japanese

The prime minister also emphasized the importance of increasing people to people exchanges to deepen relations between Bangladesh and Japan. He said initiatives were being taken to teach Japanese to students in Bangladesh.

Tarique Rahman said the government envisioned a future in which hundreds of thousands of young Bangladeshis would learn Japanese. This would expand opportunities for higher education and employment in Japan while further strengthening trade and investment ties between the two countries.

At the end of his speech, the prime minister urged Japanese business leaders to establish factories in Bangladesh, create new jobs and contribute to industrialization.

He said Japan had stood beside Bangladesh during the process of building the foundations of its development. He added that the time had come to transform the longstanding friendship between the two countries into a stronger economic partnership.