BSS: Japanese businesses have major opportunities in Bangladesh, speakers made the remark at an event titled ‘Showcase Bangladesh 2021: Bangladesh-Japan Investment Summit’ held recently.
Public and private sector leaders of Bangladesh and Japan discussed the long-standing relationship between the two nations and shared the opportunities at the virtual event hosted by Standard Chartered and Bangladesh Investment Development Authority (BIDA), said a press release.
The virtual forum showcased the partnership potential between Bangladesh and Japan. It highlighted the strategic opportunities for Japanese investments, high-potential investment sectors in Bangladesh, and Bangladesh’s initiatives to foster foreign investments.
Delegates representing public and private sectors, policymakers, investors, bankers and the diplomatic communities of both nations were in attendance.
Foreign Minister Dr A K Abdul Momen attended the event as chief guest, while Private Sector Industry and Investment Adviser to Prime Minister Salman F Rahman was present as guest of honour.
ITO Naoki, ambassador extraordinary and plenipotentiary, embassy of Japan in Bangladesh, Shahabuddin Ahmed, ambassador, embassy of Bangladesh in Japan, were also present among on the occasion.
Foreign Minister A K Abdul Momen said: “Our goal is to create a knowledge-based economy. One of the main avenues we want to improve in is the ICT sector of our country.”
“Japan has always been our trustworthy developmental partner. They have endorsed nearly 16 billion funds for several infrastructural development projects. We greatly appreciate their support, and we are expecting a new wave of forthcoming ventures soon,” he added.
Salman F Rahman said: “In the post-pandemic age, the supply chain reliability and sustainability has become important and we have to take advantage of the supply chain network diversification.”
“To make this change easier we need to make taka convertible, otherwise we will continue to have issues with foreign exchange. Standard Chartered can play a role in matchmaking between Japanese investors and Bangladeshi companies. We shouldn’t be complacent but continue to aim higher for a closer relationship,” he added.
Standard Chartered Bangladesh CEO Naser Ezaz Bijoy said: “Japan and Bangladesh enjoy a special relationship which has stood the test of time. As the relationships between governments and private sectors of our nations deepen, bilateral ties are poised to reach new heights in the coming years.”
“To complement the economic tailwind, I see significant engagement from the senior-most level of the government. This is absolutely the right time to invest in Bangladesh, which I
This is the story of resilient people, rising fast up the rungs of progress and prosperity. Even as we celebrate 50 years of our nationhood, I am convinced that this is a story that has only just begun, Naser Ezaz Bijoy further said.
Standard Chartered Bank Japan CEO Yasunori Takeuchi said: “Economic growth in Japan has been very low, below 1% on average, over 2 decades. The population has been decreasing since 2008. Japan is a fast-ageing society, with an average age of 45 now.”
“On the other hand, in Bangladesh, GDP has been growing at around 6% on average for the last 2 decades. GDP growth in the FY2020-21 was 5.5%, despite the impact of Covid-19 pandemic. The population is around 160 million, increasing steadily with an average age of 24,” he added.
BIDA Executive Chairman Mohammad Sirazul Islam said: “Bangladesh has sustained 7% growth in the last decade, and we are confident enough to chase higher GDP growth targets. There are over 300 Japanese companies in our country, and more are willing to expand.”
Currently, Japan and Bangladesh are on very good terms. Japan contributes to 2% of the FDI stock, but we want this to be much higher.
BIDA is ready to provide full support to Japanese companies to accelerate the innovation and expertise that is required to create our own success story of development, he added.
Standard Chartered and BIDA formed a partnership in January 2021 to jointly promote Bangladesh as a preferred investment destination and work together to bring in targeted global investments to the country.
This is the third major virtual summit held this year under the auspices of this partnership, hosting foreign investor communities from China, Malaysia and Japan.
Standard Chartered has organised similar events in the past as a part of its efforts to bring in more foreign investment to the country. The Bank had held six major investment summits till date, in markets such as Hong Kong, Singapore and London, in partnership with key partners, including BIDA, reads a press release.
