Bobby Hajjaj urges Japanese investors to invest in Bangladesh

"By investing in Bangladesh, Japan can gain access to a large regional market of over 300 crore consumers," he said while addressing the Bangladesh Investment Promotion Seminar.

The seminar was jointly organised by the Japan External Trade Organization (JETRO), the Bangladesh Embassy in Japan and the Osaka Chamber of Commerce and Industry in Osaka, Japan, according to a message received here.

Bobby Hajjaj said Bangladesh is not only a potential investment destination, but also a strategic economic bridge between South Asia and the ASEAN.

He said the progress of the Economic Partnership Agreement (EPA) between Bangladesh and Japan and the establishment of a special economic zone for Japan will take the economic relations of the two countries to a new height.

These initiatives will play a marked role in expanding bilateral trade and investment and ensure a more favourable environment for Japanese investors, he said.

The state minister said Japan's Meiji Restoration is an exemplary instance of the transformation of a nation through education, technology, industrialisation and visionary leadership.

Bangladesh also wants to learn from this development experience of Japan and build the economy of the future through knowledge, technology, innovation, productivity and skilled human resource development, he said.

He said the size of the Bangladesh economy is currently more than US$ 500 billion while the country's economic growth has been over 6 percent for a long time.

Despite global economic challenges, the growth is above 4.5 percent and the government's goal is to develop Bangladesh into a US$ one trillion economy by 2034, Bobby Hajjaj said.

He said Bangladesh's more than seven crore young working population is the country's biggest competitive force.

With per capita income exceeding US$3,000, the country's domestic market is expanding rapidly and purchasing power is going up, which has created new opportunities for foreign investors, he said.

The state minister said currently, the bilateral trade volume between Bangladesh and Japan is about US$3.5 billion but the joint goal of the two countries is to increase this trade to US$10 billion in the next few years.

He mentioned machinery and light engineering, industrial components, automobile and electric vehicle components, electronics, pharmaceuticals, API and medical devices, multipurpose jute products, agricultural processing, food security, cold-chain logistics, renewable energy, port and logistics infrastructure, industrial estate development, robotics, educational technology and skilled human resource development as potential sectors for Japanese investment.

He also highlighted the possibility of partnerships with organisations like Artec in educational technology and skill development.

Bobby Hajjaj said there is immense potential for cooperation between Bangladesh and Japan in the sectors of education, skill development, healthcare and medical tourism.

Bangladesh's young, educated and skilled manpower can play an important role in meeting the growing labour shortage of Japan, he said.

In this regard, he said, there is an opportunity to build a long-term partnership between the two countries in skill development, technical training and employment.

Bobby Hajjaj said Japan has been working as one of the most trusted development partners in Bangladesh's infrastructure, education, human resource development and economic progress for decades through various bilateral initiatives.

He said Bangladesh and Japan are now entering a new era based on investment, trade, technology, innovation and shared prosperity.

He called upon Japanese businessmen and investors to become long-term partners in Bangladesh's growth journey.

Bangladesh Ambassador to Japan Md Daud Ali, senior officials of JETRO and Osaka Chamber of Commerce and Industry, and businessmen and entrepreneurs from over 100 leading Japanese organisations were present at the seminar, reports BSS.