Japanese ambassador to Bangladesh Shiro Sadoshima yesterday said attention of a larger number of Japanese businessmen towards Bangladesh is growing due to its low-labour cost.
“This year enquirers from Japan about Bangladesh have almost doubled and the number of missions has drastically increased here. So now attention is rising,” he said.
The ambassador was speaking at the inaugural session of a symposium on “Look East: Asia’s Economic Integration and Bangladesh Perspective” arranged by Japan External Trade Organisation (JETRO) at Bangabandhu International Conference Centre in the city.
He said in the radar of Japanese businessmen, Myanmar occupied the best position and so does Bangladesh.
“My colleagues asked me repeatedly why not Bangladesh. Eventually, they have started to think seriously over entering into the country.”
He said: “My point is that generally I don’t like foreign direct investment, which is an abstract term.
“More clear vision and more specific common ambition are needed to boost trade and investment,” he added.
Recalling his experience on visiting Karnaphuli EPZ, Shiro Sadoshima said a Japanese company is producing blending machine there.
“The factory is producing products with the help of both automated machine and manual system but what was most surprising to me was that manual production line is producing products with half cost compared with the automated production line.”
“So combined forces between Japan and Bangladesh can do more and there is a lot of room for us to cultivate,” the envoy said, adding that Japan is ready to help develop human resources for increasing productivity.
“This country can be a stepping stone for Japanese businessmen and looking east orientation is required,” he said.
Commerce Minister Tofail Ahmed said Bangladesh export to Japan is increasing as the country gave us duty-free and quota-free access except two items only.
“Hopefully it will help increase trade and investment further in days to come.” Planning Minister AHM Mustafa Kamal said looking east is not a myth but a reality now.
“This is the time to move forward as the economic transformation is taking place in the world. Bangladesh will have to get ready for that.”
FBCCI President Kazi Akram Uddin Ahmed invited Japanese businessmen to joint venture in areas like light engineering, leather and home textile other than apparel sector.
He put importance on interaction between the two countries’ entrepreneurs on regular basis for finding out investment strategy here.
JETRO country representative Kei Kawano said Bangladesh is geographically situated in the best strategic location between east and west.
“So, Bangladesh can play a great role to boost trade and commerce between the two nations.”
In his keynote paper presented in the second session, chief economist of Economic Research Institute for ASEAN and East Asia Professor Fukunari Kimura said some east-Asian developing countries have been successful in attaining middle-income levels.
Highlighting economic development in some East-Asian countries, including Malaysia, Thailand, China, Indonesia and the Philippines, he said East Asia lies in the formation of its industrial agglomerations. “Production networks in the region have reached a new stage of development.”
He said changes in the nature of the North South division of labour also affect developed countries’ attitudes toward globalising corporate activities. Moving labour intensive activities to LDCs does not necessarily mean the loss of domestic employment, added the economist.
“Production networks has changed the nature of the North-South division of labour. East Asia is about to present a new model for the world.”
