Improve investment environment to attract Japanese firms: Envoy
He said discussions are underway to sell modern equipment and hardware to Bangladesh
Japanese Ambassador in Dhaka Iwama Kiminori has said Bangladesh needs to take two key steps to address the challenges it is likely to face after its LDC graduation in 2026.
According to him, Bangladesh must first improve its investment and business environment to attract more Japanese companies as they may not consider it an investment-friendly destination otherwise.
The ambassador identified lengthy approval procedures and bureaucratic delays, as well as duties, as the primary obstacles to attracting Japanese investments. Secondly, Bangladesh needs to sign the proposed Economic Partnership Agreement (EPA) to enjoy duty-free market access to Japan.
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Iwama Kiminori noted that there are many issues that need to be negotiated before concluding an EPA by 2026, making it very difficult. He suggested that Bangladesh make the necessary preparations to face post-LDC graduation challenges on time.
During a briefing at his office in Baridhara, Dhaka on Wednesday, he also said neighbouring countries in Southeast and South Asia have a more congenial investment environment than Bangladesh, and thus, Japanese entrepreneurs consider them better places to invest.
However, Iwama Kiminori welcomed the good progress and resolution of some investment issues faced by Japanese companies through the recently held Japan-Bangladesh Public-Private Joint Economic Dialogue.
He also shed light on the Bay of Bengal Industrial Growth Belt (BIG-B) and said it would accelerate industrial activities and make Matarbari a hub, benefiting not only neighbouring countries but also Bangladesh.
On defence cooperation, he said discussions are underway to sell modern equipment and hardware to Bangladesh.
Regarding the elevation of bilateral relations to a strategic partnership, the diplomat said the two countries have just begun a joint study.
In response to a question on the upcoming national parliamentary election in January 2024, Iwama Kiminori said that it is an internal issue of Bangladesh, and Japan does not like to meddle in another country's internal matters.
On recruiting workers from Bangladesh, the ambassador acknowledged that Bangladesh's abundant young labour force could contribute to supplementing the labour shortage in the world's third-largest economy but mentioned that they must be skilled in their respective fields.
