Japanese Ambassador to Bangladesh Saida Shinichi expressed hope that an Economic Partnership Agreement (EPA) would be signed between the two countries soon.
The 7th meeting regarding the EPA between Bangladesh and Japan was held from 3-12 September in Tokyo.
"This partnership will open up a new window of opportunities for the economy of both countries," he said during a bilateral meeting with Taskeen Ahmed, president of Dhaka Chamber of Commerce & Industry (DCCI) on Tuesday at the city's DCCI Gulshan Center, read a press release.
During the meeting, the ambassador said that Bangladesh holds enormous potential for business, trade, and investment. "However, to harness these potentials, diversification of the overall industrial structure as well as efficiency and accountability in public service are also crucial," he added.
Shinichi noted that Bangladesh's domestic market is steadily expanding, and considering the existing investment facilities, Japanese entrepreneurs are likely to increase their investments here.
He further mentioned that there is an ample opportunity for Bangladesh's skilled IT professionals to collaborate with and contribute to Japan's advanced technology sector, fostering mutual benefits for both countries.
DCCI President Taskeen Ahmed said Bangladesh has a longstanding partnership with Japan, and their contribution to Bangladesh's economic progress, particularly in infrastructure development, bilateral trade, and investment, is indisputable.
According to EPB data, bilateral trade between Bangladesh and Japan has reached $3.12 billion in FY2023-24, with imports and exports amounting to $1.81 billion and $ 1.31 billion, respectively. Japan is the 12th largest export destination and 9th largest import source, and 11th largest source of FDI stock for Bangladesh.
The DCCI president also mentioned that Japanese entrepreneurs have already invested $507.14 million in different sectors like fertiliser, construction, textiles, power, gas, and petroleum, though Japan's total global foreign investment is $ 184.02 billion.
He urged Japanese investors to enjoy the various facilities Bangladesh is offering to foreign investors.
Taskeen further stressed on Japanese technical and technological cooperation in areas such as automobiles, machinery, electrical equipment, agro-processing, agricultural logistics, jute and footwear, ICT, infrastructure development, logistics management, and skilled manpower development.
In particular, he called upon Japan to support Bangladesh's growing SME sector so that it can utilise its full potential and expand export markets for its products.
DCCI Senior Vice President Razeev H Chowdhury and Vice President Salem Sulaiman were also present at the meeting.
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