Japanese envoy hopeful of Economic Partnership Agreement with Bangladesh soon
The envoy holds a meeting with DCCI president in Dhaka
An Economic Partnership Agreement (EPA) between Japan and Bangladesh is expected to be signed soon, Japanese Ambassador to Bangladesh Saida Shinichi said today (16 September).
During a meeting with Dhaka Chamber of Commerce & Industry (DCCI) President Taskeen Ahmed in Dhaka, the ambassador said the 7th round of EPA talks was recently held in Tokyo, where both sides expressed optimism that the agreement would be signed shortly.
"This partnership will open up a new window of opportunities for the economy of both countries."
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Shinichi also said Bangladesh holds "enormous potential" in trade, business, and investment but stressed the need for diversification of the industrial structure and greater efficiency in public service to harness this potential.
With Bangladesh's domestic market steadily expanding and investment facilities improving, he noted that Japanese entrepreneurs are likely to boost investments in the country.
Highlighting opportunities for cooperation in technology, the envoy pointed out that skilled Bangladeshi IT professionals could contribute to Japan's advanced tech sector, creating mutual benefits.
DCCI President Taskeen Ahmed underscored Japan's longstanding role in Bangladesh's economic development, particularly in infrastructure, trade, and investment.
He urged Japanese investors to take advantage of the facilities Bangladesh is offering, while stressing the importance of Japanese technical cooperation in automobiles, machinery, agro-processing, ICT, and skilled manpower development.
According to Export Promotion Bureau (EPB) data, bilateral trade between Bangladesh and Japan stood at $3.12 billion in FY2023-24, with imports worth $1.81 billion and exports $1.31 billion. Japan is Bangladesh's 12th largest export destination, 9th largest import source, and 11th largest source of FDI stock.
Japanese entrepreneurs have so far invested $507.14 million in Bangladesh across sectors such as fertiliser, textiles, construction, power, gas, and petroleum, against Japan's global foreign investment of $184.02 billion.
Ahmed also called on Japan to support Bangladesh's SME sector to help it realise its potential and expand its export markets.
DCCI Senior Vice President Razeev H Chowdhury and Vice President Md Salem Sulaiman were also present at the meeting.
