Japanese Parliamentary Vice-Minister for Foreign Affairs Honda Taro on Sunday said the importance of Bangladesh-Japan relationship is now growing not only bilaterally, but also in Asia and the Indo-Pacific region as a whole.
“Japan will continue to cooperate with Bangladesh as a partner in promoting a free and open Indo-Pacific,” he said in a message.
Japanese Ambassador to Bangladesh Ito Naoki read out the message at the International Investment Summit Bangladesh 2021 organized by Bangladesh Investment Development Authority to promote foreign direct investment. Prime Minister Sheikh Hasina inaugurated the two-day Summit.
Through opportunities like the Summit, the Japanese Vice Minister said they hope to further deepen the relationship between the two countries.
For further development of Bangladesh in the future, he said, Japan will always stand by Bangladesh and continue their cooperation.
Read: Ambassador Ito sees 5 challenges ahead to elevate Dhaka-Tokyo ties
Taro regretted that he could not participate in person this time and said the spread of Covid-19 has affected Bangladesh as well as his country in many ways during the past two years. “However, I’m glad to learn that under the strong leadership of Prime Minister Sheikh Hasina, the outbreak is now under control,” he said.
Even in the midst of the Corona pandemic, the Japanese Vice Minister said, Bangladesh has achieved a remarkable economic recovery among countries in South Asia.
He said Japan has been able to support the Bangladeshi government's fight against Covid-19 through the provision of 75 billion-yen loans for emergency assistance to tackle Covid-19 and more than 3 million doses of AstraZeneca vaccines. “We’ll continue to provide vaccines and other cooperation.”
Taro said Bangladesh's economic and social development over the past 10 years has been called a "miracle," and in February this year, it was decided that Bangladesh would graduate from the LDC in 2026.
“I’m convinced that the government's policy of always listening to the voices of people, with the pledge to become a developed country by 2041, will surely contribute to the country's prosperity,” he said.
Taro said Bangladesh's rapid economic growth and the potential attractiveness of its market have spurred Japanese companies to enter and invest in the country and the volume of investment from Japan has more than tripled in the past 10 years.
Read: Dhaka-Tokyo people-to-people ties to grow: Ambassador Naoki
The Japanese Vice Minister expected that more and more Japanese companies will come to Bangladesh in the future.
At the same time, he said, as Japanese companies advance into Bangladesh, some investment issues have become apparent.
These include delays in customs clearance, various taxations, restrictions on telegraphic transfer of import payments, discrimination of export incentives between domestic and foreign companies, and needs to improve the environment in EPZs and SEZs.
“I hope through the opportunity of this Investment Summit and the framework of the Public Private Economic Dialogue, Japan and Bangladesh, in cooperation with the public and private sectors will resolve these investment issues,” said the Japanese Vice Minister.
Bangladesh and Japan will celebrate the 50th anniversary of the establishment of diplomatic relations in February next year.
Since the recognition of independence, Taro said, Japan has supported the economic and social prosperity of Bangladesh as the largest bilateral development partner.
Currently, he said, with Japan's support, large-scale infrastructure projects that symbolize Bangladesh's rapid economic growth, such as the Dhaka Metro, the new Dhaka Airport Terminal, and the Matabari deep sea port, are steadily underway.