Prime Minister Tarique Rahman on Wednesday invited Japanese companies to explore investment opportunities in five priority sectors in Bangladesh, aiming to translate longstanding bilateral ties into stronger trade, investment and economic cooperation.
The five priority areas are automotive manufacturing, energy, technology and space cooperation, rail and logistics, and agro-processing and manufacturing.
“I invite Japanese companies to explore five key areas for future cooperation and business opportunities for mutual benefits,” he said while delivering the keynote address at the Bangladesh-Japan Economic Forum Dialogue at JETRO Hall in Tokyo.
Highlighting the untapped potential of bilateral economic relations, the Prime Minister said around 350 Japanese companies were operating in Bangladesh, while Japanese direct investment in the country remained below US$500 million.
“ Our exports to Japan reached 1.36 billion US dollars and Bangladesh imported from Japan 2.16 billion US dollars, in the last fiscal year,” he said, stressing the need to move beyond development cooperation and expand trade and investment.
Recalling the longstanding friendship between the two countries, Tarique Rahman said Japan was among the first countries to recognise Bangladesh in February 1972 and had remained its largest development partner for more than five decades.
He also recalled the contributions of his parents, Shaheed President Ziaur Rahman and late Prime Minister Begum Khaleda Zia, who visited Japan several times and helped strengthen bilateral relations.
“Today, I want to speak about the next 30-50 years of partnership and collaboration,” he said.
The Prime Minister noted that Bangladesh and Japan had signed an Economic Partnership Agreement (EPA) this year, the first such agreement Bangladesh had concluded with any country. Under the agreement, 7,379 Bangladeshi products will enjoy duty-free access to the Japanese market, while Japanese goods, including steel, automotive parts and electronic components, will receive preferential access to Bangladesh.
He highlighted Bangladesh's market of more than 180 million people, its young workforce with a median age of 27, and its expanding middle class as key advantages for foreign investors. Bangladesh is also expected to become one of the world's top 10 consumer economies by 2030, he added.
Automotive manufacturing and energy
Identifying automotive manufacturing as the first priority, Tarique Rahman welcomed Toyota's plan, conveyed earlier this month, to begin work on a vehicle manufacturing facility in Bangladesh, with full production targeted by 2029. He assured the company of the government's full support.
In the energy sector, he invited Japanese companies to invest in liquefied natural gas (LNG) infrastructure, efficient gas-fired power generation and renewable energy projects.
The Prime Minister said Bangladesh had short-, medium- and long-term plans for gas, electricity and the broader energy sector, urging Japanese companies to explore the available opportunities. He also noted that Bangladesh was working closely with JERA.
Technology, space and rail connectivity
On technology and space cooperation, the Prime Minister said Bangladesh was planning to establish a Bangladesh-Japan Technology Park, including an innovation-focused information technology park covering artificial intelligence, cloud computing, robotics and electronics manufacturing.
He called for the participation of Japanese companies, universities and investors in the initiative.
Bangladesh also sees significant potential for cooperation with Japan in space technology, he said, adding that the country wanted to strengthen its capabilities by drawing on Japan's expertise in space science, technology and satellite engineering.
Rail and logistics were identified as another priority area. Tarique Rahman said Bangladesh planned to develop a nationwide elevated high-speed rail network connecting major cities, including Dhaka, Chattogram, Sylhet, Rajshahi, Khulna and Barishal.
“We plan to build a national network master plan, develop passenger and freight demand analysis, route prioritisation and feasibility studies. We will very much welcome Japanese institutions to invest in this critical and priority initiative,” he said.
Japanese investment in agro-processing
In agro-processing and manufacturing, the Prime Minister invited Japanese companies to invest in food processing, highlighting Bangladesh's diverse production of crops, fruits and vegetables.
“Japanese companies can explore opportunities in food processing in Bangladesh. We invite Japanese companies to invest in the Bangladesh Special Economic Zone at Araihazar. Sumitomo Corporation is developing this zone to Japanese standards,” he said.
Government pledges to address investor concerns
The Prime Minister said Bangladesh was working to address concerns raised by Japanese companies regarding reliable energy supplies, efficient infrastructure, predictable customs clearance and taxation.
“We have listened. We are working to address these concerns and deliver better outcomes,” he said.
“I fully understand that businesses need certainty. Investors need confidence. Our job is creating the right environment to deliver both,” he added.
The Prime Minister's remarks underscored Bangladesh's intention to deepen its economic partnership with Japan by attracting investment in higher-value manufacturing, advanced technology, energy, transport infrastructure and agro-processing, while creating new opportunities for mutually beneficial trade.
Sun News/ rabbi
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