Bangladesh and Japan are on the verge of finalising an Economic Partnership Agreement (EPA) that promises to significantly enhance bilateral trade and investment, according to Japan’s Ambassador to Bangladesh, Saida Shinichi.
The announcement came during a bilateral meeting with Taskeen Ahmed, president of the Dhaka Chamber of Commerce & Industry (DCCI), held at the DCCI Gulshan Centre on Tuesday.
The discussion emphasized the robust economic relationship between the two countries. DCCI President Taskeen Ahmed highlighted Japan’s pivotal role in Bangladesh’s infrastructure development and economic progress.
According to Export Promotion Bureau (EPB) data, bilateral trade between Bangladesh and Japan reached $3.12 billion in FY2023-24, with exports totaling $1.31 billion and imports at $1.81 billion. Japan ranks as Bangladesh’s 12th largest export market, 9th largest import source, and 11th largest foreign direct investor.
Taskeen Ahmed also pointed out that Japanese businesses have invested $507.14 million in sectors such as fertilizers, construction, textiles, power, and petroleum. He urged Japanese investors to capitalise on Bangladesh’s investment-friendly environment and highlighted key growth sectors such as ICT, infrastructure, and the rapidly growing small and medium-sized enterprises (SME) sector. “Japan’s technological expertise can be a game-changer for Bangladesh’s industrial growth,” he emphasised.
Ambassador Shinichi concurred, underscoring Bangladesh’s expanding domestic market and the increasing interest from Japanese investors. However, he stressed the importance of diversifying the industrial base and enhancing public service efficiency to fully tap into the country’s potential. He also noted the opportunities for Bangladesh’s skilled IT professionals to collaborate with Japan’s advanced technology sector, benefiting both nations.
The Ambassador further shared that the 7th round of negotiations for the EPA had recently concluded in Tokyo, with both sides eager to sign the agreement soon. He expressed optimism that this partnership would open new doors for economic cooperation between the two countries.
The meeting also saw the participation of DCCI Senior Vice President Razeev H Chowdhury and Vice President Md Salem Sulaiman.
