Standard Chartered Bank Bangladesh connects with Japanese Stakeholders

Standard Chartered Bangladesh, in collaboration with the Japan External Trade Organization (JETRO) and the Japan-Bangladesh Chamber of Commerce and Industry (JBCCI), hosted an exchange session titled 'Forging a Shared Future' at The Westin Dhaka.

The event brought together key Japanese stakeholders to discuss evolving regulatory frameworks, bilateral trade progress, and investment opportunities in Bangladesh.

The session addressed key developments, including Bangladesh Bank's new guidelines on Joint Venture/Consortium/Association (JVCA), Japan International Cooperation Agency's (JICA) strategic collaboration plans, progress on the bilateral Economic Partnership Agreement (EPA), and the challenges faced by Japanese investors in Bangladesh.

Naser Ezaz Bijoy, Chief Executive Officer of Standard Chartered Bangladesh, said, "The deep-rooted, 53-year economic partnership between Japan and Bangladesh has been pivotal for our nation, with Japanese businesses and aid transforming key sectors such as infrastructure, energy, and education. It has been our privilege to partner with the Japanese business community, advocating for policies that enhance the business environment and creating platforms to share their voice with policymakers and regulators, addressing challenges and unlocking new opportunities."

Dr Khandoker Azizul Islam, an Executive member of the Bangladesh Investment Development Authority (BIDA), highlighted the government's continued effort to facilitate more Japanese business and investment in Bangladesh through policy reforms and creating a conducive business ecosystem.

Tomohide Ichiguchi, JICA's Chief Representative, said, "JICA's recent focus is on industrial diversification and private sector development, which includes improving the investment climate, the Bangladesh Special Economic Zone, human resource development in the ICT and manufacturing sectors, MIDI (Moheshkhali development), Private Sector Investment Finance (PSIF), food safety, and customs improvement."

Yuji Ando, Country Representative of JETRO, said, "The recent Bangladesh Bank and BIDA circular is a timely initiative to streamline the process of NVCA formation, operational procedure and regulatory reporting. Japanese community welcomes the new policy but needs more clarification and flexibility in some areas such as provision for an interest-free working capital loan, ease of executing outward remittances, the applicability of this circular for the JVCAs formed before BIDA guideline, etc."

Tareq Rafi Bhuiyan, President of JBCCI, said, "EPAs are comprehensive trade agreements designed to foster economic collaboration and deepen ties between participating nations. They are even more crucial for Bangladesh as it is poised for graduation from LDC."

A key event highlight was an interactive Q and A session moderated by Faysal Islam, Head of Global Subsidiaries, Standard Chartered Bangladesh. The session featured expert insights from Nahian Rahman Rochi, Head of Business Development, BIDA; Md. Ariful Hoque, Director, BIDA; Afsana Rahman, Associate Director, Bangladesh Bank; and Nusrat Mehzabin, Joint Director, Bangladesh Bank. Attendees actively engaged with panellists to seek clarifications on JVCA regulations and raise other critical investment-related concerns. Abu Saleh Mohammad Shahab Uddin, Director of the Foreign Exchange Investment Department at Bangladesh Bank, also contributed valuable perspectives.

Enamul Huque, Head of Corporate Coverage, Standard Chartered Bangladesh, closed the session by expressing gratitude to the participants and reaffirming the Bank's commitment to fostering Japanese investment and strengthening bilateral economic ties.

As a long-standing partner in Bangladesh's economic journey, Standard Chartered remains committed to supporting foreign investment and collaboration, ensuring a conducive environment for Japanese businesses to thrive in Bangladesh.