PM’s Return from Japan Brings New Horizons for Investment and Employment

Faruk Hossain, from Tokyo, Japan

Prime Minister Mr. Tarique Rahman ended his four day Japan visit carrying investment proposals worth $6.3 billion. He also brought hope of nearly 2 lakh new jobs for the country’s unemployed youth. He left Tokyo for Dhaka at night the day before yesterday. Those involved say the visit was very fruitful in diplomacy and trade.

On the last day, he met Japan’s top policymakers and visited the main factory of the world famous carmaker Toyota. Observers believe this has opened a new chapter for the country’s economy. However, a technical fault in the Biman Bangladesh special flight on the way back delayed the departure by 5 hours. The Prime Minister and his team left much later than planned.

Visit to the Toyota factory and the first private car

The day before yesterday, at about 10 am local time, the Prime Minister visited Toyota’s main factory (Motomachi Plant) and assembly unit in Nagoya City. Deputy Press Secretary to the Prime Minister Mr. Shahadat Swadhin said he watched the car assembly process. Senior officials were present, including Mr. Masahiko Maeda, CEO of Toyota Motor Corporation for the South Asia region. Mr. Shigeru Harada, CEO of the Mobility Division of Toyota Tsusho Corporation, and Chief Operating Officer Mr. Shinichiro Otsuka were also there.

At about 10:30 am, the Prime Minister saw Toyota’s historic first private car in the company museum. Toyota officials invited him to sit inside it. He got into the car with his wife, Dr. Zubaida Rahman. The first prototype of the Toyota family, “Toyota Model A1”, was built in 1935, and the first mass produced passenger car, “Toyota Model AA”, followed in 1936. A copy of that car is kept in the museum today.

Those who joined the Prime Minister during the visit included his wife Dr. Zubaida Rahman and Civil Aviation and Tourism Minister Mr. M Rashiduzzaman Millat. State Minister for Power, Energy and Mineral Resources Mr. Anindya Islam Amit, and Adviser on Posts, Telecommunications, ICT, Science and Technology Mr. Rehan Asif Asad, were also present. Special Assistant to the Prime Minister on Overseas Employment in the Asia Pacific region Dr. Md. Shakirul Islam Khan joined as well. So did Additional Press Secretary Mr. Atiqur Rahman Rumon and Research Officer Mr. Abdus Sattar Patwari.

Top level diplomatic and trade meetings

During the busy four day schedule, the Prime Minister held a series of bilateral meetings. He met Japan’s Prime Minister Ms. Sanae Takaichi and several other top government officials. He also met policymakers, leading business delegations and heads of multinational companies. In these meetings, he presented Bangladesh’s investment friendly environment, the benefits of special economic zones and the chances for joint ventures.

During the visit, the two countries signed several important bilateral agreements and Memorandums of Understanding (MoUs). These aim to strengthen economic and technical cooperation between them.

Flight delayed by a technical fault

The Prime Minister and his team were due to leave Narita International Airport in Tokyo at 6 pm local time on a special Biman Bangladesh flight. Senior Japanese officials and expatriate Bangladeshis came to the airport to say goodbye. Just before takeoff, a technical fault was found in the aircraft, so the flight was delayed. After the repair, the flight was set to leave for Dhaka at 11 pm local time.

Positive reaction from expatriate businessmen

Prominent businessmen, economists and diplomatic analysts living in Japan called the visit very important, timely and historic for Bangladesh. They said that in today’s global economy, the promise of $6.3 billion in direct investment and the chance of 2 lakh jobs will be a big milestone. They believe it will help the country’s development journey.

Mr. Kazi Sarwar Habib has lived in Japan for forty years. He is a leading businessman, a 14 time NRB CIP honoree and an adviser to BGMEA. He said this visit has opened the door to unmatched chances for trade and private investment between the two countries. He said Japan is the second largest importer of garments in the world and buys about $25 billion to $30 billion worth every year. Bangladesh has so far exported only $1.4 billion worth to the Japanese market, even though it makes world class garments.

Mr. Habib also said a “Japan Desk” was opened at BGMEA this year. For the first time in its 52 year history, a Japanese ambassador visited BGMEA. The Japanese side has promised to buy $3 billion to $5 billion worth of garments from Bangladesh in the future. Under the Economic Partnership Agreement (EPA) between the two countries, about 7,398 products, or 98 percent of exports, get duty free access. He said export earnings will grow many times if Bangladesh uses this chance well.

Mr. Badrul Alam Chowdhury Shiplu, a member of the BNP Chairman’s Foreign Affairs Advisory Committee, said Japan has always been one of Bangladesh’s most trusted friends in development cooperation. He said that to get the real benefit of this new chance, the deals and promises must be carried out quickly. The main success now depends on cutting bureaucratic delays and finishing projects on time.

Mr. Hossain Md. Sarwar Sani is the founder of Japan Remit Finance (JRF) Group and an investment banker. He called the visit very important. He said relations between the two countries are good, but there is still a gap in showing Japanese investors the true picture of Bangladesh. He said Japanese investors mostly invest in Malaysia or Vietnam because their public relations (PR) there is much stronger. He said Bangladesh has some power and gas problems, but people can solve any problem, so the country must be branded well to the Japanese. In his view, Bangladeshis living in Japan can be the biggest bridge.

Mr. Sani also said the government should hold more investment seminars and make its embassies more active. He said it should bring Japanese technology to Bangladesh, especially artificial intelligence (AI) based technology and modern knowledge. He hoped Prime Minister Mr. Tarique Rahman would pay special attention to this.

Mr. Mostafizur Rahman Jony is Joint General Secretary of Japan BNP and a leader of the Jatiyatabadi Swechchhasebak Dal Japan branch. He said he believes the visit will play a very effective role in building Bangladesh’s image abroad and speeding up its economy. He said the political and administrative promise to carry out the strategic decisions made in Tokyo must be kept.