Prime Minister Tarique Rahman on Wednesday invited Japanese companies to invest in five priority sectors in Bangladesh, including automotive manufacturing, energy, technology and space, high-speed rail and logistics, and agro-processing, promising government support and reforms to improve the business environment.
Addressing the Bangladesh-Japan Economic Forum Dialogue at JETRO headquarters in Tokyo, he said the two countries should take their long-standing relationship to a new level through trade and investment after signing the first-ever Economic Partnership Agreement (EPA) between Bangladesh and another country.
The forum was jointly organised by the Japan External Trade Organization (JETRO) and the Japan-Bangladesh Committee for Commercial and Economic Cooperation (JBCCEC).
Tarique said around 350 Japanese companies are operating in Bangladesh, but Japanese direct investment remained below US$500 million, while Bangladesh’s exports to Japan stood at US$1.36 billion and imports from Japan at US$2.16 billion in the last fiscal year.
Under the recently signed EPA, 7,379 Bangladeshi products will enjoy duty-free access to Japan, while Japanese goods, including steel, automotive parts and electronic components, will receive preferential access to Bangladesh, he said.
The Prime Minister said Bangladesh has a market of more than 180 million people, a young workforce with a median age of 27 and a growing middle class. The country is expected to become one of the world’s top 10 consumer economies by 2030, he added.
He said his government has heard Japanese companies’ concerns over reliable energy, efficient infrastructure, predictable customs clearance and taxation, and was working to address them.
“I fully understand that businesses need certainty. Investors need confidence. Our job is creating the right environment to deliver both,” Tarique said.
On automotive manufacturing, he said Toyota has informed the government earlier this month of its plan to begin work on a vehicle manufacturing facility in Bangladesh, with full production targeted for 2029.
The Prime Minister said the government will provide every possible support for the initiative.
In the energy sector, he invited Japanese companies to invest in LNG infrastructure, efficient gas-fired power generation and renewable energy, saying Bangladesh has short-, medium- and long-term plans for gas and electricity development.
Tarique also highlighted cooperation with Japanese energy company JERA.
He said Bangladesh is planning to establish a Bangladesh-Japan Technology Park focused on innovation in artificial intelligence, cloud computing, robotics and electronics manufacturing, involving Japanese companies, universities and investors.
The Prime Minister also called for cooperation with Japanese institutions in space science, satellite engineering and related technologies to strengthen Bangladesh’s space capabilities.
On rail and logistics, he said Bangladesh plans to develop a nationwide elevated high-speed rail network connecting Dhaka, Chattogram, Sylhet, Rajshahi, Khulna and Barishal.
Tarique said the government plans to prepare a national master plan, assess passenger and freight demand, prioritise routes and conduct feasibility studies, inviting Japanese institutions to invest in the initiative.
He also urged Japanese companies to explore food processing and agro-based manufacturing opportunities in Bangladesh, particularly at the Bangladesh Special Economic Zone in Araihazar, which is being developed by Sumitomo Corporation to Japanese standards.
Emphasising people-to-people ties, the Prime Minister said Bangladesh wants to make Japanese-language education a priority so that millions of young people can learn the language alongside technical skills.
He said skilled Bangladeshi professionals proficient in Japanese can help meet employment needs in both Japan and Bangladesh.
Recalling Japan’s recognition of Bangladesh in February 1972 and its role as the country’s largest development partner for more than five decades, Tarique said the two countries should turn their long-standing friendship into a stronger partnership that creates opportunities for their people and shared prosperity.