JAPAN External Trade Organisation (Jetro) and Metropolitan Chamber of Commerce and Industry (MCCI) have teamed up to promote bilateral trade and investment.

Jetro, a Japanese government organisation, signed a memorandum of understanding with Bangladesh's leading chamber yesterday.

Kei Kawano, country representative of Jetro, and Rokia Afzal Rahman, president of MCCI, signed the deal at the MCCI office on behalf of their respective organisations.

Speaking on the occasion, Kawano said 30,000 Japanese firms have operations in China and the number is 8,000 in Thailand, but only 183 Japanese entities are in Bangladesh so far.

"We are yet to reach the potential level, as 183 companies is not a big number (for Japan)," said Kawano.

“Japanese companies operate in various sectors and they will be able to contribute to diversify Bangladesh's products."

Bangladesh is still an untapped market for Japanese investors, said the country chief of Jetro. A new era of bilateral business relationships has opened up with

recent visits from the two countries' prime ministers, he added.

However, he emphasised friendly business policies to attract Japanese investors to Bangladesh.

The president of MCCI said Japan is a time-tested partner and the single largest donor country for the country.

Rokia said the Japanese government and businesses have been showing greater interest in Bangladesh.

"The recent visit by the Japanese premier and business delegates is a sign of this increase in interest," she said.

Also, the interest is reflected in different joint activities; for example, MCCI and IDE (the research wing of Jetro) have successfully completed a survey on selective industrial sub-sectors in Bangladesh, she said.

The survey's purpose was to find industrial sub-sectors in Bangladesh that are fit for global markets. It also focused on what development outlook Bangladeshi entrepreneurs are harbouring to take their industries to the global market, said the MCCI chief.She said the purpose of the deal was to formalise the existing relation and cooperation between the two countries. "We will undertake specific activities to promote trade and investment between Bangladesh and Japan,” she said. MCCI will be hosting a programme in this regard in December this year, she added.

On the MoU, Jetro's country chief said Japanese companies need local partners to do business in Bangladesh and the deal will facilitate this cooperation.

Kawano also said they are now preparing to showcase Bangladesh's prominent companies - all MCCI member firms -before Japanese investors. He hoped many goods will be made by Japan in Bangladesh in near future.

The MCCI and Jetro will exchange

relevant market information about related industries in their respective countries, support each other's activities and jointly work to periodically arrange seminars and business match-making events, and collaborate on Japan-Bangladesh alliance in strategic industrial sectors.

Both the organisations will initiate joint efforts to pursue the respective governments for a better and attractive investment environment and formulate a more business friendly policy regime, according to the MoU.

Representatives from the two organisations will meet twice a year to review the progress of the activities and formulate plans for future activities.