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South Asia

Japan considers Bangladesh as a new investment destination in Asia

Japanese companies consider Bangladesh as a new destination for investment in Asia, said Ito Naoki, ambassador of Japan to Bangladesh.

Various Japanese companies are considering Bangladesh as their new investment destination in Asia. Japan’s Ambassador to Bangladesh Ito Naoki made the remarks at a webinar in Dhaka on Monday. The talks were jointly organized by Eastern Bank Limited (EBL) and Japan External Trade Organization (JETRO) on banking assistance to improve Bangladesh-Japan trade and business relations. The main objective of the event was to discuss the banking products and services required for Japanese investment in the country with the participation of leading Japanese businesses operating in Bangladesh.

According to Bangladesh’s leading daily newspaper (Daily Star), He spoke at a digital seminar on “Banking Support for Bangladesh-Japan Trade and Business Growth” jointly organized by Eastern Bank Ltd (EBL) and Japan External Trade Organization (Jetro) on September 27.

“Nowadays telegraphic transfer is a standard method in international trade settlement. Bangladesh has yet to standardize it that has been a predicament of integrating Bangladesh into global supply chains,” the Japanese ambassador said.

The seminar—attended by representatives of top Japanese companies operating in Bangladesh—was arranged to discuss and understand banking services and products requirements for Japanese investment in the country.

Japan is the biggest development partner of Bangladesh and as a leading private commercial bank of the country EBL should come up with products and services to meet the ever-growing banking requirements of Japanese companies operating here in Bangladesh, said Ali Reza Iftekhar, managing director and CEO of EBL.

At the seminar, he announced that EBL will soon open a ‘Japan Desk’ to cater to the banking needs of the Japanese companies to provide one-stop services.

Japan-Bangladesh enjoys special relationship, which has stood the test of time, said Yuji Ando, country representative of Jetro.

Ahmed Shaheen, deputy managing director and head of corporate banking of EBL, gave a presentation on services and propositions of the bank suitable for Japanese investors and responded to queries from participating companies.

The seminar was also attended by Haruta Hiroki, country representative of Jetro; Hikari Kawai, president of Japan Commerce and Industries Association in Dhaka, and SM Shariful Alam, vice president of Japan-Bangladesh Chamber of Commerce and Industry.

 

In his speech, the Japanese Ambassador mentioned the limited use of Telegraphic Transfer (TT) in handling import transactions as one of the major obstacles to doing business in Bangladesh. He said TT is a very common method in international trade nowadays. Ali Reza Iftekhar, Managing Director and Chief Executive Officer of HIBL, described Japan as Bangladesh’s largest development partner and said it was the country’s leading private commercial bank to meet the growing banking demand of Japanese companies operating in the country. Eastern Bank has come forward to provide necessary products and services. In this context, he said, EBL is going to launch Japan Dex soon to meet the banking needs of Japanese companies and provide one-stop services. Japanese companies have been plagued by disruptions in the supply chain during the Kavid-19 supermarket. They are looking to diversify the supply chain to reduce risk.

Ahmed Sahin, Deputy Managing Director and Head of Corporate Banking, EBL, briefed the participants on various EBL services and offers suitable for Japanese companies and answered questions from the participants. SM Shariful Alam took part in the seminar. (UNB)

Author: Pathik Hasan, Dhaka based researcher and columnist with particularly interest in current international issues.

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