Apr 24, 2021
Large Japanese companies, including Mitsubishi, will invest further in Bangladesh’s economic zones, the Japanese Ambassador tells a discussion
Japanese companies are keen to invest more in Bangladesh’s special economic zones, H.E. Ambassador of Japan Naoki Ito
“Around 300 Japanese companies are operating in Bangladesh. Many big Japanese companies, including Mitsubishi, will invest more in economic zones in Araihazar, Mirsarai and Matarbari,” he told a discussion organized by BIDA and Better Bangladesh Foundation (BBF) on Apr 24, 2021.
He mentioned his country’s long-term support for infrastructure development in Bangladesh, which is crucial for smooth running of business. He also advised Bangladesh businesses to catch new export markets in Asian countries, including Japan and South Korea, with its diversified RMG products.
Honorable Minister of Planning MA Mannan MP attended the event as chief guest and former Bangladesh Bank Governor Dr. Atiur Rahman joined as guest of honour.
Araihazar Economic Zone is a Japan-Bangladesh G2G Economic Zone
Speaking at the webinar, the Honorable Planning Minister said, “Our economy is in a win-win situation. We have created places for smooth investment for investors. BIDA is hosting the country’s One Stop Service portal to ease processes for investors.”
“A JETRO survey found that in 2019, 70.3% and in 2018, 73% of Japanese companies are willing to expand in Bangladesh that remain the highest proportions in Asia and Oceania. The positive impacts of Bangladesh’s improvements in trading environment has also been mentioned by JETRO.” said BIDA Executive Chairman Md. Sirazul Islam, who chaired the discussion.
BIDA chief mentioned the close relationship BIDA has built with Japanese investors.
“We have implemented policy reforms based on the rational recommendations made by Japanese investors. BIDA provided fast track services for Japanese investors and employees, who had to return home because of the virus, so that their permits and licenses don’t expire. We have two dedicated desks for Japanese investors and provide speedy aftercare services to resolve any challenges.”
The Bangladesh is government is building a 1,000-acre exclusive economic zone for Japanese investors in Narayangan’s Araihazar in cooperation with Japan International Cooperation Agency (JICA), which will provide ready facilities for projects under agro-food, light engineering, chemical, automobile assembly, garments, pharmaceuticals etc.