Japan wants to increase its investment in Bangladesh’s readymade garments, pharmaceuticals, automobiles and electronic manufacturing industries, said JETRO country representative Kei Kawano.
He came up with the announcement after signing a Memorandum of Understanding (MoU) with Metropolitan Chamber of Commerce and Industry (MCCI) in Dhaka yesterday.
Kei Kawano and MCCI President Rokia Afzal Rahman signed the MoU on behalf of their respective organisations, aimed at improving cooperation on trade and investment between the two nations.
“We will work together to make Bangladesh more attractive to Japanese investors as they are very diversified in export-oriented business and need local promoters to support Japanese businesses,” said Kei Kawano.
Through promoting manufacturing the investors would produce products which will be “Made in Bangladesh, made by Japan,” the official said.
Kei Kawano said Japan would like to diversify products using the opportunity of low-cost labour in Bangladesh.
MCCI president Rokia Afzal Rahman said Japan’s private sector investment in Bangladesh is increasing and the MoU will act as a catalyst to bring more investment.”
MCCI and Japan External Trade Organization (JETRO) signed the MoU.
JETRO is an organisation under the Ministry of Economy, Trade and Industry of Japan to enhance trade and commerce between two countries.
The main objectives of the MOU are to cooperate with each other for promotion of trade and investment in both the countries, exchange related market information on relevant industries, arrange seminars, symposiums, conferences and business match-making events, collaborate on Japan-Bangladesh alliance in strategic industrial sectors, extend cooperation and provide support to investment missions, pursue the respective governments for better and attractive investment environment and formulate more business-friendly policies.
According to JETRO, Japan has invested $297.5m in Bangladesh. In last fiscal year, the country invested $41.38m in Export Processing Zones (EPZs) of Bangladesh.