Bangladesh seeks Japanese investment beyond traditional garment exports

Prime Minister Tarique Rahman on Wednesday sought greater Japanese investment in Bangladesh to diversify the country’s exports, upgrade its ready-made garment (RMG) industry and expand trade and economic cooperation between the two countries.

During separate meetings with Japan External Trade Organization (JETRO) President Susumu Kataoka and Fast Retailing Chairman, President and CEO Tadashi Yanai in Tokyo, Tarique highlighted investment opportunities in advanced manufacturing, information and communication technology (ICT), renewable energy, agro-processing and sustainable apparel production, UNB reports.

The meetings also focused on technology transfer, skills development and the implementation of the Bangladesh-Japan Economic Partnership Agreement (EPA), according to the prime minister’s deputy press secretary Shahadat Hossain Shadhin.

In his meeting with Yanai, whose company owns Japanese clothing retailer Uniqlo, Tarique urged the company to expand its investment in Bangladesh’s garment sector, particularly in man-made fibres, technical textiles and sustainable clothing.

He assured the company of the government’s support for expansion, including assistance with land arrangements, investment approvals and other necessary administrative clearances.

The two sides also discussed opportunities for greater cooperation in product innovation, advanced manufacturing systems, technology transfer and environmentally friendly production processes.

Tarique praised Uniqlo’s confidence in Bangladesh and its parent company’s longstanding business engagement with the country.

In a separate meeting with Kataoka, the prime minister sought JETRO’s cooperation in diversifying Bangladesh’s export basket and attracting more Japanese investment to the country’s special economic zones.

He identified advanced manufacturing, ICT, automobiles, renewable energy and agro-processing as sectors offering opportunities for Japanese businesses.

Tarique also praised JETRO’s role in promoting Japanese investment in Bangladesh, saying new opportunities were emerging for companies from the East Asian country.

Kataoka said Bangladesh had considerable investment potential because of its economic growth and geographical location. He added that Japanese companies were showing interest in doing business and investing in Bangladesh in response to initiatives taken by the government.

Both meetings underscored the importance of implementing the Bangladesh-Japan EPA, with the sides expressing optimism that the agreement would strengthen bilateral trade and investment.

Tarique also called for Japanese support for skills development programmes and the establishment of Japanese language training centres in Bangladesh. He said such initiatives could create employment opportunities in Japan while deepening long-term economic ties.

Following their meeting, Kataoka hosted a luncheon for the prime minister, where they discussed further avenues for bilateral cooperation. Tarique also invited the JETRO president to visit Bangladesh.

The Bangladesh delegation included Finance and Planning Minister Amir Khosru Mahmud Chowdhury, PM’s Adviser on Finance and Planning Rashed Al Mahmud Titumir, State Minister for Foreign Affairs Humaiun Kobir, Invest Bangladesh Authority Chairman Ashik Chowdhury, Bangladesh Bank Governor Md Mostaqur Rahman and PM’s Special Assistant Dr Md Shakirul Islam Khan.

Civil Aviation and Tourism Minister M Rashiduzzaman Millat, State Minister for Power, Energy and Mineral Resources Aninda Islam Amit and Additional Press Secretary Atikur Rahman Rumon also attended the JETRO meeting.

The Japanese delegation at the Uniqlo meeting included Fast Retailing Director Takeshi Okazaki and Group Senior Executive Officer Yoshihiro Kunii.