United News of Bangladesh

In light of the rapidly changing global situation, a more prevalent supply chain risk, rapid technological innovation and mounting social issues, Bangladesh and Japan will upgrade BIG-B into “BIG-B for Shared Prosperity” as an initiative of “strategic cooperation” in the exclusive partnership between the two countries. This is aimed at enhancing the resilience and preserving each country’s freedom of decision, said the Japanese government.  Meanwhile, Bangladesh and Japan signed a number of Memoranda of Cooperation and other documents between the two countries, said the Japanese side. The two countries signed five cooperation documents covering economic relations and the business environment, agriculture, fisheries and livestock, and environmental protection. These include a memorandum of cooperation between Japan’s Ministry of Economy, Trade and Industry and Bangladesh’s Economic Relations Division; separate memoranda between Japan’s Ministry of Agriculture, Forestry and Fisheries and Bangladesh’s Ministry of Agriculture and Ministry of Fisheries and Livestock; a memorandum of cooperation on the environment between Japan’s Ministry of the Environment and Bangladesh’s Ministry of Environment, Forest and Climate Change; and a letter of intent between Japan’s Global Environment Bureau and Bangladesh’s Department of Environment under the Ministry of Environment, Forest and Climate Change. “BIG-B for Shared Prosperity” BIG-B (the Bay of Bengal Industrial Growth Belt) is an economic development initiative with three pillars: (1) economic infrastructure development, (2) improvement of investment environment, (3) strengthening connectivity. It has served as the flagship initiative of Japan-Bangladesh cooperation, and has long supported Bangladesh’s economic growth. The “BIG-B for Shared Prosperity” positions Bangladesh as a hub to promote common prosperity and to contribute to mutual growth, said the Japanese Ministry of Foreign Affairs. Japan and Bangladesh have agreed to strengthen cooperation in connectivity, energy security, disaster resilience, trade, investment and defence to promote economic growth and regional peace and stability. Under the proposed cooperation framework, the two countries will promote integrated economic infrastructure development centred on Matarbari Deep-Sea Port, including power and energy facilities, airports, roads, railways, inland waterways and special economic zones, to strengthen supply chains and develop Bangladesh into a logistics and industrial hub. They will also work to improve the investment climate, develop human resources, expand public-private partnerships and establish transparent and predictable rules to attract investment. Both sides will seek to expand trade and investment under the Japan-Bangladesh Economic Partnership Agreement (EPA), improve market access and promote industrial upgrading and export diversification. The cooperation will also focus on building resilient supply chains in manufacturing, logistics, food and agriculture, information and communication technology, pharmaceuticals and other sectors. To strengthen energy security, the two countries will promote initiatives under Japan's “POWERR Asia” framework for a stable and economically viable energy supply and explore opportunities for energy infrastructure development in the Matarbari region. They will also enhance cooperation to address natural disasters and climate change, including strengthening emergency response capabilities and developing sustainable disaster-prevention infrastructure. In the security sector, Japan will support Bangladesh's capacity-building efforts and promote bilateral security and defence cooperation, with a focus on maritime security, maritime domain awareness, coastal patrols and port security. The framework includes providing patrol boats to Bangladesh under Japan's first Official Security Assistance (OSA) project, exploring a second OSA project and providing patrol vessels through official development assistance (ODA) to strengthen coastal security capabilities. Both countries will also work to improve their ability to respond to emerging technological challenges, including cybersecurity, as part of broader efforts to enhance resilience against geopolitical uncertainties and promote peace and stability. Japanese Prime Minister Sanae Takaichi and Bangladesh Prime Minister Tarique Rahman on Tuesday reaffirmed their commitment to further strengthen bilateral relations under the two countries’ Strategic Partnership, with a focus on regional peace, prosperity and stability. At a summit meeting in Japan, Takaichi congratulated Tarique Rahman on assuming office as prime minister and described Bangladesh as a friend that shares the values of democracy. Amid growing international instability, she said Japan strongly supports Bangladesh’s ability to make its own decisions freely and strengthen its resilience under Japan’s updated “Free and Open Indo-Pacific” (FOIP) vision. Takaichi also expressed her intention to work with Tarique Rahman to promote peace and prosperity in the region. In response, Tarique Rahman said Japan, as a peace-loving nation, was among the first countries to recognise Bangladesh’s independence and holds a special place in the hearts of the Bangladeshi people. He said the two countries had built longstanding friendly relations and expressed his commitment to working with Takaichi to take bilateral ties to new heights. The two leaders held the summit meeting on October 27 from 11:45am for around 25 minutes, followed by a joint press event and luncheon, according to the Japanese Ministry of Foreign Affairs.  

 The Initiative of BIG-B or the Bay of Bengal Industrial Growth Belt is very important for enhancing and strengthening the relations between Bangladesh and Japan; and beyond ensuring an enhanced connectivity in the region for greater economic progress, says a leading Japanese economist. “I understand the BIG-B Initiative is very important in regard to enhancing and strengthening the relations and cooperation with Bangladesh,” Daisuke Shintani, Chief Economist of Asia, China & Oceania Department of Mitsui & Co. Global Strategic Studies Institute told UNB in an interview. He said an enhanced connectivity in all the countries in Asian region will help bring more economic benefits to the people of the region. The year of 2022 will mark the 50th anniversary of the establishment of diplomatic relations between Japan and Bangladesh. Towards this milestone year, for further strengthening bilateral relations, Bangladesh and Japan want to make the utmost efforts for further promoting trade and investment with an improved business environment, as well as further deepening mutual understanding and ‘exchange of people’ between Japan and Bangladesh. From this year, which marks the 50th anniversary of independence, JICA's projects of large-scale infrastructure will gradually be completed one after another to promote Bay of Bengal Industrial Growth Belt (BIG-B) initiative. Dhaka Mass Rapid Transit (MRT) Line 6 will be partially open in December this year. After that, the Special Economic Zone in Araihazar, Hazrat Shahjalal International Airport Expansion, Matarbari Deep Sea Port and Power Plant Stations, as well as Bangabandhu Railway Bridge will start operating, according to the Japanese Embassy in Dhaka. Japanese economist Shintani said the development of Bangladesh’s three major cities -- Dhaka, Chattogram and Cox’s Bazar -- using Japanese experience and the implementation of mega projects will help Bangladesh grow further in a faster way. Japanese Ambassador to Bangladesh Ito Naoki said the completion of these projects will change the face of the nation and profoundly contribute to the stability and prosperity of Bangladesh. “This country will move one step closer to the realisation of the Golden Bengal,” he said as Bangladesh celebrated 50 years of Independence. Also read: Economic ties with Bangladesh to make leap: Japanese PM