Japanese Company keen to expand investment in Bangladesh

Commerce, Industries, Textiles and Jute Minister Khandakar Abdul Muktadir assured the company of all-out government support, saying the government was working to simplify business procedures, remove administrative complexities and ensure an investment-friendly environment for foreign investors.

He made the remarks at a meeting with a delegation led by Marubeni Corporation President and CEO Masayuki Omoto at the Ministry of Commerce at the Secretariat today.

Industries Secretary Abdun Naser Khan was also present at the meeting.

The discussions covered potential investment in fertiliser production, information technology, energy, ship recycling and Toyota-branded automobile manufacturing, alongside progress towards signing and implementing the Bangladesh-Japan Comprehensive Economic Partnership Agreement (CEPA).

The two sides also discussed diversifying Bangladesh's jute industry and expanding bilateral trade and investment.

The minister said Japanese technology, expertise and investment could play an important role in developing Bangladesh's manufacturing sector.

He identified shipbuilding and ship recycling, automobiles, agro-based industries and high-tech sectors as areas offering opportunities for joint ventures, adding that the government was advancing reforms to facilitate investment in these industries.

On jute diversification, Muktadir said the government was encouraging the production of higher-value products beyond conventional jute goods.

He highlighted initiatives to develop new products by blending jute fibres with cotton, viscose and polyester, improve seed varieties and expand research, stressing the importance of international technological cooperation and investment.

During the meeting, Omoto highlighted Marubeni's longstanding business presence in Bangladesh and discussed opportunities to modernise the Karnaphuli Fertilizer Company Limited (KAFCO), improve the efficient use of natural gas and increase fertiliser production capacity.

He also expressed interest in new investment and technological cooperation in the production of diammonium phosphate (DAP) and triple superphosphate (TSP) fertilisers.

Highlighting the potential of Bangladesh's information technology sector, the Marubeni chief said hundreds of Bangladeshi engineers working through the jointly invested Bangladesh Japan Information Technology (BJIT) initiative 
were providing services to international markets, including Japan.

He said there were further opportunities to expand cooperation in artificial intelligence (AI) and IT offshoring.

The meeting also discussed investment in environmentally sound technologies for ship recycling, the proposed Toyota automobile manufacturing venture and ensuring uninterrupted electricity supply to economic zones.

The potential use of small modular reactor (SMR) technology as a possible long-term option for energy security also came up for discussion.

The minister said the government was prioritising the simplification of company registration, trade licensing and investment approval procedures. It was also focusing on facilitating the repatriation of profits and capital by 
foreign investors.

He assured Japanese companies interested in expanding their investments in Bangladesh of the government's necessary policy and institutional support.

Both sides underscored the importance of deepening Bangladesh-Japan economic relations, harnessing the potential benefits of the proposed CEPA and building long-term partnerships in industry and technology, reports BSS.