DCCI, Japanese envoy to boost bilateral trade, investment

Business Report :

Dhaka Chamber of Commerce & Industry (DCCI) President Taskeen Ahmed and Japanese Ambassador to Bangladesh Saida Shinichi discussed avenues to boost bilateral trade, investment, and economic partnership at a meeting held at the DCCI Gulshan Center in the capital on Tuesday.

During the meeting, the Japanese envoy said Bangladesh holds vast potential for business and investment, but stressed the need for diversification of industries as well as improved efficiency and accountability in public services to fully realize these opportunities, says a DCCI press release.

He noted that Bangladesh’s domestic market is expanding steadily, and with existing facilities in place, Japanese entrepreneurs are expected to enhance their investments in the country.

Ambassador Shinichi also pointed to opportunities for Bangladeshi IT professionals to collaborate with Japan’s advanced technology sector, ensuring mutual benefits for both nations.

Referring to the 7th Economic Partnership Agreement (EPA) meeting recently held in Tokyo, he said both sides are optimistic about signing the deal soon, which would open up a new window of opportunities for the economies of the two countries.

DCCI President Taskeen Ahmed acknowledged Japan’s longstanding contribution to Bangladesh’s economic progress, particularly in infrastructure, bilateral trade, and investment.

He urged Japanese entrepreneurs to make use of the investment-friendly facilities Bangladesh offers and called for enhanced Japanese cooperation in sectors such as automobiles, machinery, agro-processing, ICT, jute, footwear, logistics, and skilled manpower development.

According to Export Promotion Bureau (EPB) data, bilateral trade between Bangladesh and Japan reached $3.12 billion in FY2023-24, with imports at $1.81 billion and exports at $1.31 billion.

Japan is Bangladesh’s 12th largest export destination, 9th largest import source, and 11th largest source of FDI stock, with investments worth $507.14 million in sectors including fertilizer, textiles, power, and construction.