Japan's Private Sector Pledges $6.34 Billion Investment in Bangladesh, Creating 200,000 Jobs: Humayun Kabir

Bangladesh has received a commitment of about $6.34 billion in investment from Japan's private sector, State Minister for Foreign Affairs Humayun Kabir has said. He said the investment would create about 200,000 new jobs in the country.

He made the announcement at a press conference in Tokyo on Tuesday, the second day of Prime Minister Tarique Rahman's four-day visit to Japan. On the same day, a bilateral summit was held in Tokyo between Prime Minister Tarique Rahman and Japanese Prime Minister Sanae Takaichi.

Humayun Kabir said advancing bilateral relations, trade, investment and strategic economic cooperation between Bangladesh and Japan featured prominently in the meeting between the two prime ministers. Prime Minister Tarique Rahman particularly emphasised implementing projects that would create employment for the people of Bangladesh.

The state minister said the Japanese prime minister encouraged her country's private sector to invest in Bangladesh. Importance was also placed on quickly bringing into effect the Economic Partnership Agreement (EPA) signed between the two countries.

A decision was taken to launch a joint mechanism at ministerial level to determine priority investment sectors and ensure projects are implemented within a set timeframe. Through it, project progress will be reviewed regularly and coordination between the two countries' private sectors will be increased.

Humayun Kabir said Bangladesh's preparations and challenges for graduating from Least Developed Country (LDC) status also came up in the two prime ministers' talks. He said Japan has promised sustained support to Bangladesh on this issue, and Bangladesh's request is being considered seriously by the relevant parties.

Highlighting Japan's financial assistance to various development projects in Bangladesh, the state minister said the Japanese government has pledged 50 billion yen, equivalent to about $340 million, for various initiatives including the Upazila Governance Improvement Project. There is also the possibility of further financing in the future.

In addition, proposals were made for investment in Bangladesh's energy sector, the establishment of a technology city (Tech City), and the construction of elevated expressways in three to four divisions of the country. Japan has shown interest in these initiatives.

After the summit, in a post on her official X account, Japanese Prime Minister Sanae Takaichi praised Prime Minister Tarique Rahman's leadership. She described Bangladesh as a friendly country that believes in values such as democracy and the rule of law, and said Japan would strongly support the nation-building efforts of the government formed through a democratic election.

Takaichi said Bangladesh is an important partner of Japan in building a free and open Indo-Pacific. She emphasised Bangladesh's strategic geographical position connecting South and Southeast Asia and described Bangladesh as a market of 170 million people with a large and young population.

The two leaders reaffirmed their commitment to advancing the Bay of Bengal Industrial Growth Belt, or BIG-B, initiative. Under the two prime ministers' leadership, the initiative will be upgraded into a new strategic cooperation framework called Sharing Prosperity BIG-B.

State Minister Humayun Kabir said the talks between the two countries' top leaders during the Japan visit were highly fruitful and constructive, and the meeting, held in a cordial atmosphere, reflected the two leaders' personal rapport. In his view, the visit will take the Bangladesh-Japan economic partnership to a new height.