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Japan counts on economic zone

Encourages its business giants to invest

Staff Correspondent
Japanese entrepreneurs want to invest in Bangladesh's transport, infrastructure, power, energy and garment sectors mainly to boost bilateral trade, Japanese Prime Minister Shinzo Abe said yesterday.
"Bangladesh is an emerging economy. So our government plans to promote Japanese investment in Bangladesh. Bangladesh is also an important partner of Japan in South Asia," he told Bangladesh-Japan Business Forum at the capital's Hotel Sonargaon.
"I am convinced to extend cooperation to Japanese entrepreneurs to invest in Bangladesh," he said.
Bangladesh's garment export to Japan has been on the rise due to relaxation of Rules of Origin by the Japanese government under the Generalised System of Preferences of Japan, mentioned Abe.
In the 2011-12 fiscal year, Bangladesh's garment export to Japan increased by 38.8 percent compared to the previous year for having the trade benefit, he pointed out.
Japan has already agreed to allocate more than $6 billion to Bangladesh to implement the Matarbari project, added the PM. The Matarbari project in Cox's Bazar includes power plants and a deep sea port.
Regarding the bilateral ties, Abe said he has been visiting Bangladesh 14 years after then Japanese PM Yoshiro Mori had been here in 2000.
The Japanese foreign minister visited Bangladesh in March and Bangladesh Prime Minister Sheikh Hasina toured Japan in May, he noted. "If we can work in such a pace, we can achieve a lot.”
Lauding the Bangladesh government's concept of setting up special economic zones (SEZs), he hoped it will help industrial growth here.
The Bangladesh government has decided to allocate a separate SEZ for Japanese investors as the Japanese entrepreneurs have been showing interest to invest in Bangladesh after the adoption of the China Plus One policy by the Japanese
MORE IN STAR BUSINESS government in 2008 to reduce overdependence on China.
Some Japanese companies, said Abe, have investments in some important sectors like medical, food, garment, and water purifying.
“Asia is going to be a major market for Japan. So, we started high level connectivity and expanding relations with Bangladesh," said Hiroyuki Ishige, chairman and CEO of Japan External Trade Organisation.
“We're looking for greater Asia. We want economic partnership with South Asia," mentioned Ishige, who is tasked with overseeing the Japanese foreign investment.
Commerce Minister Tofail Ahmed said Bangladesh will extend its fullest possible cooperation to Japanese investors. "We're planning to allocate a Special Economic Zone to Japanese investors," he added.
The bilateral trade between the two countries has already crossed $2
billion mark in the last fiscal year, in which Bangladesh's export was calculated at $862 million, mentioned the minister.
Bangladesh enjoys duty-free benefit to Japanese market for 8,884 products, which means that it can export almost all goods to Japan on zeroduty except arms.
Terming Japan a trusted partner of Bangladesh, Tofail said Japan so far has given Bangladesh $12 billion as assistance since the country's independence in 1971.
Industries Minister Amir Hossain Amu said Japan's Honda motor company and Bangladesh Steel and Engineering Corporation jointly formed a new company, Bangladesh Honda Limited.
Japanese Mitsubishi Motors Corporation and Bangladesh's Progoti Industries Ltd are jointly assembling Pajero CR 45 (Pajero Sports) in Dhaka, he mentioned.
Shahriar Alam, state minister for
foreign affairs, said Bangladesh was looking forward for Japanese investment in the high-technology sector and critical infrastructure.
Bangladesh Bank Governor Atiur Rahman said, "Surely, we can have a larger share of $35 billion Japanese apparel market if we can play our card well and remain compliant in labour and environmental standards."
As of today, Japanese FDI inflows into Bangladesh remain small, under $100 million in 2013 even after more than trebling the figure of the preced-ingyear, he pointed out.
Business luminaries of both Bangladesh and Japan, including chief executive officers of 22 business conglomerates like Marubeni Corporation of Japan, were present.
A total of 87 businessmen and a good number of government officials and members from media accompanied Abe.
HASINA SEEKS MORE INVESTMENT
Prime Minister Sheikh Hasina yesterday called upon Japanese businessmen to invest more in Bangladesh.
"Specifically, we expect Japanese investment in high-tech manufacturing like automobiles and microprocessors. We've also adopted Public Private Partnership policy for building infrastructure projects," she told a Japanese business delegation at her office.
Bangladesh, she mentioned, is working towards the establishment of an Exclusive Economic Zone for the Japanese investors. "We've investment potentials in sectors like textiles, leather, petrochemicals, pharmaceuticals, shipbuilding, agrobased industries, light engineering and electronics, telecommunications and FT," added Hasina.
The PM thanked the business delegates for considering Bangladesh as their next possible destination for extensive investment and business.