The development of economic zones in the country will attract more Japanese investment, Chief Representative of Japan International Cooperation Agency (JICA) in Bangladesh Mikio Hataeda said yesterday.
He said Japanese investment will help technological development of industries in Bangladesh.
Hataeda was addressing a seminar on “Economic Zones Development for Japanese Investors” at a hotel in the city, reports UNB.
JICA Bangladesh and Bangladesh Economic Zones Authority (BEZA) organised the seminar in association with Japan External Trade Organisation (JETRO) to sensitise Japanese investors about the recent developments in economic zones scenario, rules, regulations as well as incentives offered by the government in promoting foreign direct investment (FDI).
Prime Minister’s principal secretary Abdus Sobhan Sikder, Jetro representative Jei Kawano and Bangladesh Economic Zones Authority (BEZA) chairman Fakhrul Islam also addressed the seminar.
The JICA representative said the implementation of the Bay of Bengal Industrial Growth Belt (BIG-B) plan would play a big role in promoting Bangladesh-Japan’s economic cooperation.
“BIG-B is a grand design to promote industrial agglomeration and take full advantage of the vibrant economic growth from Pacific to Indian Ocean.”
He said economic zones for Japanese investors would be a primary trigger for the prospective industrial agglomeration and international trade under the BIG-B initiative.
The other speakers observed that though Bangladesh with its huge potentials is being regarded as “Next 11” country in the world economy, it has failed to attract much FDI from Japan and other countries while ASEAN countries like Vietnam, Indonesia are successful in this field.
Some Japanese investors said they found high operation cost in business, non-friendly regulatory measures and critical financial issues as major impediments for Japanese investment.
They suggested the BEZA to showcase the incentives they are offering to foreign investors.
The seminar was told that about 180 Japanese firms are now doing business in Bangladesh.
Reiterating the government’s strong commitment towards improving investment climate, Abdus Sobhan said the number of Japanese companies may increase rapidly if they take benefit of low production cost compared to other countries in the world.
BEZA chairman said the government has been developing five economic zones to attract FDI.