DHAKA, Nov 26, 2024 (BSS) - Speakers at a seminar today underscored the importance of collaborative efforts to drive sustainable development and create an environment in the country conducive to foreign investment.

They made the remarks at a seminar organized by the Foreign Investors' Chamber of Commerce and Industry (FICCI), in collaboration with JETRO, the Japan Chamber of Commerce & Industry Association in Dhaka (JCIAD), and HSBC Bangladesh, titled "Japan-Bangladesh Collaboration: Enhancing FDI & Economic Partnership" held today at a city hotel.

The event was further supported by the Embassy of Japan in Bangladesh, JICA, and JBCCI. The seminar aimed to foster deeper economic ties between Japan and Bangladesh, focusing on enhancing Foreign Direct Investment (FDI) and strengthening economic partnerships.

Lutfey Siddiqi, Special Envoy on International Affairs to the Chief Advisor of Bangladesh, graced the event as the chief guest. 

Chowdhury Ashik Mahmud Bin Harun, Executive Chairman of BIDA & BEZA, and IWAMA Kiminori, Ambassador of Japan to Bangladesh, attended as special guests, said a FICCI press release.

The seminar featured a range of prominent keynote speakers and discussants from Japan, Bangladesh, and various international organizations, who shared insights into the potential collaboration between the two nations.

Yuji Ando, Country Representative of JETRO Bangladesh, delivered the first keynote presentation on "Business Opportunities and Challenges of Doing Business in Bangladesh", shedding light on the growing interest of Japanese SMEs in expanding their businesses in Bangladesh. 

He reported that 45.5 percent of companies in the region plan to expand operations within the next 1-2 years, with Bangladesh emerging as a top destination at 61.2 percent. 

However, Ando also highlighted significant challenges, such as high dissatisfaction with the business environment, with 70.8 percent of respondents pointing to areas for improvement. 

He emphasized the need to address issues such as customs clearance procedures, transparency, and local procurement practices. Additionally, he noted that the production costs in Bangladesh were competitive, being less than 60 percent of those in Japan.

The second keynote on "Investment Promotion in Bangladesh and JICA's Engagement" was presented by ICHIGUCHI Tomohide, Chief Representative of JICA Bangladesh, who discussed JICA's initiatives to support Bangladesh's economic growth. 

Tomohide outlined ongoing projects such as the Bangladesh Special Economic Zones (BSEZ) and the Multi-layered Connectivity in the Bay of Bengal (MIDI), which he identified as pivotal for enhancing Bangladesh's investment climate.

ICHIGUCHI emphasized that JICA's efforts are focused on diversifying industries and improving institutional frameworks, particularly in terms of permissions, regulations, and logistics. 

His presentation underlined the significant role of infrastructure projects, such as the Matarbari deep seaport, in reshaping Bangladesh's manufacturing and logistics sectors.

The seminar also featured a vibrant panel discussion, moderated by Hiroshi Uegaki, GM & Country Representative of Mitsubishi Corporation. 

The panelists included: Tareq Rafi Bhuiyan (Jun), President of JBCCI; Mohammad Shariful Alam, Country Manager of Mitsui & Co. Asia Pacific PTE Ltd.; Manabu Sugawara, Director of FICCI and General Manager of Marubeni Corporation and Gintautas Dirgela, Director of Corporate Affairs & Communications at JTI and Member of JCIAD. 

The panel discussed ongoing challenges and opportunities for enhancing Japan-Bangladesh economic collaboration, particularly in the areas of FDI, industrial development, and infrastructure improvements.

FICCI President Zaved Akhtar said, "This seminar is a landmark event that underscores the deep economic ties and potential between our two nations,"

"This partnership is pivotal for fostering greater foreign direct investment and economic growth. By working together, we can create a robust and forward-looking economic cooperation model that will benefit both Japan and Bangladesh," he added.

Atsushi Hirakuru, President of JCIAD, stated, "This seminar marks a significant milestone in strengthening the economic relationship between Japan and Bangladesh. The collaborative efforts reflect our shared commitment to fostering sustainable economic growth."

The seminar provided a significant platform for fostering dialogue between key stakeholders, including the private sector, government officials, and international organizations, to enhance economic cooperation between Japan and Bangladesh. 

The event was attended by FICCI Board of Directors, CEOs of member companies, and representatives from various embassies, and other key stakeholders.