Bangladesh and Japan have emphasised strengthening their economic relations and expanding cooperation in alternative financing beyond traditional foreign direct investment (FDI).

The emphasis came at a bilateral meeting between Bangladesh Finance Minister Amir Khosru Mahmud Chowdhury and Japanese Finance Minister Satsuki Katayama at the Japanese Finance Minister’s office in Tokyo on Friday.

Vice Minister of Finance for International Trade Atsushi Mimura also attended the meeting.

According to a press release from the Finance Minister’s Office, the discussions covered ways to deepen bilateral economic and development cooperation and take the longstanding partnership between the two countries to a new height.

Both sides discussed Bangladesh’s infrastructure development, expansion of bilateral trade and opportunities to increase economic cooperation through alternative financing mechanisms beyond conventional foreign direct investment.

They also agreed on the need for effective initiatives to make existing economic ties more dynamic and explore opportunities for cooperation in new sectors.

Special Assistant to the Prime Minister for Investment and Capital Market Tanvir Gani and Special Assistant to the Prime Minister for Employment in the Asia-Pacific region Shakirul Islam Khan attended the meeting, along with senior officials from both countries.

Japan is one of Bangladesh’s major development partners. Japanese financing has supported several large infrastructure and social development projects in Bangladesh over the years, while important projects are currently being implemented and new agreements are being pursued.

The meeting is expected to provide further impetus to bilateral efforts to expand economic cooperation and explore alternative sources of financing for Bangladesh’s development needs.