Expect more FDI from Japan, says envoy as hosts flaunt 'win-win economy'

Mentioning Bangladesh is a very attractive country for foreign investors, the Ambassador of Japan in Bangladesh Naoki Ito said the Japanese big companies are very keen to invest more in the country’s special economic zones.

“The location of Bangladesh is very important strategically and economically. Around 300 Japanese companies are operating in Bangladesh. Many Japanese big companies including Mitsubishi will invest more in Bangladesh’s economic zones including Araihazar, Mirsarai and Matarbari,” Ambassador Ito said while addressing a webinar.

The virtual discussion was jointly organized by Bangladesh Investment Development Authority (BIDA) and Better Bangladesh Foundation (BBF) while BBF chairman Prof Masud A Khan moderated the function.

Naoki Ito said 50 percent of Japanese companies are going to invest in Association of Southeast Asian Nations (ASEAN) countries. Bangladesh is a regional hub for investment. The coronavirus has created vulnerability in supply chain. However, it’s time to invest in Bangladesh.

“Bangladesh is a potential country for investment. So infrastructure development is very important. Japan government has been supporting Bangladesh for long in this regard,” he also said.

Naoki added that Bangladesh can catch new markets in Asian countries including Japan and Korea with its diversified RMG products.

Planning Minister MA Mannan said the government has been working hard for better living. “Our economy is a win-win situation. We have made smooth places for investors. BIDA has opened one stop services to make services easy for all,” he also said.

Former Governor of Bangladesh Bank Dr Atiur Rahman positioned Bangladesh as a very good destination for investors. "The country has been able to develop in all sectors. There is no power cut now," the ex-head of the central bank pointed out.

“The major projects including Padma Bridge, Metro rail and Matarbari are game changers for the country. We need to skill up our youths. The country is an attractive destination for all investors,” he also said.

BIDA Executive chairman Sirazul Islam said they are trying to facilitate investment process for local and international investment.

“We have run one stop services to make hassle free activities. I believe that it will improve our ease of doing business rank. Our rank is 168 now that’s not good. We have recently reformed many things. I hope this position will improve much more in the upcoming ranking,” he added.

Sirazul also said they arrange all things for foreign investors such as receiving in airport, transportation and hotel services.

“With the experience, I am so excited about the services offered by BIDA, and 100% confident about Bangladeshi economy. Now, I am managing foreign investment here in Dhaka. I am willing to contribute what I have learnt from Harvard and China’s economic growth to Bangladesh. Indeed, I am willing to share my experience and stories to attract more young talents and investors to Bangladesh,” said Nicole Mao, one of the Chinese investors in Bangladesh.

Presenting key-note paper titled-“Bangladesh is a land of opportunities for trade and investment,” BIDA director Ariful Hoque said Bangladesh’s trade –GDP ratio has increased to 38 percent in 2018 from 18.9 percent in 1990.

“Bangladesh became the most gender-equal country in South Asia. Per capita income rises to $2079 in 2019 from $928 in 2010. Bangladesh achieved around 7 percent growth during the last decade,” he also said.

He added that 150 services of 34 agencies will be offered through One Stop Services (OSS). 41 services of 11 agencies are included from OSS.