Global Net Report : Japan is thinking of setting up an automobile factory in Bangladesh, which will be invest heavily in the Special Economic Zone (SEZ) at Araihazar in Narayanganj. This will be their biggest investment in Asia in Bangladesh.
Japan wants to set up a car factory in Bangladesh. Bangladesh is a big market for Japanese cars. So the country wants to build a big car factory in Bangladesh. Commerce Minister Tipu Munshi made the remarks during an exchange of views with Japan’s Ambassador to Bangladesh Ito Naoki on Thursday. Commerce Secretary Zafaruddin, Additional Secretary of Commerce Obaidul Azam were present at the time.
The Japanese ambassador told the commerce minister that his country was thinking of setting up an automobile factory in Bangladesh. Japan will invest heavily in the Special Economic Zone (SEZ) at Araihazar in Narayanganj. This will be their biggest investment in Asia. The Ministry of Commerce said in a notification yesterday.
Bangladesh’s friendly trade and economic relations with Japan are long-standing, Commerce Minister Tipu Munshi said in a statement. The country is a big partner in the development of Bangladesh. There is also an opportunity to increase Bangladesh’s exports to Japan. Bangladesh wants to use this opportunity. Bangladesh’s exports to Japan will increase if more trade facilities are provided for the export of readymade garments.
After Bangladesh became a middle-income country from a Least Developed Country (LDC) in 2024, the Commerce Minister urged Japan to continue its ongoing trade facilities. He said Bangladesh has announced a package with attractive investment opportunities.
Ambassador Ito Naoki said Japan has taken initiatives to increase trade and investment with Bangladesh. Japan is thinking of continuing the trade facilities given to Bangladesh even after leaving the LDC. For this, a joint working group can be formed to implement the Free Trade Agreement (FTA) or Preferential Trade Agreement (PTA) and increase trade and investment between the two countries. He said there is a huge demand for skilled workers in Japan. Bangladesh can take this opportunity.
According to the Ministry of Commerce, Bangladesh exported goods worth 136.57 billion to Japan in FY 2018-19 and 1.20 billion in FY 2019-20. In contrast, in the 2018-19 fiscal year, Japan imported goods worth 185.25 crore and in the July-May fiscal year 2019-20, it imported goods worth 129.49 crore.
