Dhaka Chamber of Commerce and Industry President Rizwan Rahman has said the automotive industry in Bangladesh could be an emerging investment destination for Japanese entrepreneurs.
Rizwan Rahman came up with the statement during a bilateral business meeting with the Ambassador of Japan in Bangladesh ITO Naoki on Sunday at DCCI headquarters.
During the meeting, DCCI President Rizwan Rahman thanked the Japanese government for providing COVID-19 vaccines for the Bangladeshi people.
He mentioned that in FY2019-20, total trade volume was US$2.92 billion, where the amount of export and import was US$ 1.20 billion and 1.72billion respectively.
The DCCI president also said that due to the pandemic, Bangladesh’s export to Japan in 2020-21 was US$1183.64 million, which was quite low than the previous year and hope that it would increase in the coming days.
He informed that 321 Japanese companies running their activities in Bangladesh and in March 2021 the Japanese FDI in Bangladesh was US$ 397.15 million.
Rizwan Rahman said that Bangladesh mainly exports RMG products to Japan and urged the ambassador to facilitate other promising products for export to Japan.
He opined that Japan can play a vital role in skill development in Bangladesh and share technical know-how and train Bangladeshi entrepreneurs.
He also thanked the Japanese entrepreneurs who already registered in the ‘Bangladesh Trade & Investment Summit’ to be jointly organised by the Ministry of Commerce and DCCI from October 26.
The Japanese ambassador admitted that Bangladesh has been able to send a strong message to the world by keeping positive GDP growth even in the pandemic.
He also said that the ‘Japanese Economic Zone’ in Araihazar of Narayanganj will go for operation by next year and it will expedite Japanese investments in Bangladesh.
The envoy proposed a joint study for signing a free trade agreement (FTA) between Japan and Bangladesh.
He opined that smooth customs clearance facilities, import transactions, better infrastructure at EPZs and EZs and skilled human resources would boost ease of doing business.
“Bangladesh can be the ‘China Plus One’ investment destination for Japanese companies,” he added.
Describing the automotive industry of Bangladesh as a potential source of investment, the envoy informed that Japan’s Mitsubishi has completed their feasibility study and next year they will decide on investment in Bangladesh.
DCCI Senior Vice President N K A Mobin, FCS, FCA; Vice President Monowar Hossain and Second Secretary (Economic Affairs and Development Cooperation Section) of Japan Embassy Shirahata Kasumi were also present during the meeting.
