Standard Chartered, JBCCI, JCIAD, JETRO to work for Japan-Bangladesh partnership

Standard Chartered, Japan-Bangladesh Chamber of Commerce & Industry (JBCCI), Japanese Commerce and Industry Association in Dhaka, and the Japan External Trade Organization (JETRO) recently organised a keynote and panel discussion on the topic of "Our Shared Aspiration: Accelerating the Japan-Bangladesh Strategic Partnership."

The event brought senior stakeholders from the private sector, chambers of commerce, think tanks, and government together to discuss and contribute to a shared roadmap focused on accelerating the transition of Japan-Bangladesh bilateral ties from a comprehensive to a strategic partnership, said a press release.

Building a strategic partnership between Bangladesh and Japan leverages the decade-long friendship between the two nations in an effort to deepen economic cooperation and fuel growth. The event placed an emphasis on driving collaboration across the board to facilitate the development and progress of infrastructure, trade, investment flows, and sustainable finance. As one of the largest foreign investors in Bangladesh, Standard Chartered has been playing a leading role in attracting and facilitating foreign trade and investment.

Speaking at the event, Naser Ezaz Bijoy, chief executive officer, Standard Chartered Bangladesh, said, "Japan and Bangladesh's partnership involves a huge element of trust and confidence that has been built over time through our people-to-people connections as well as a journey of economic prosperity that both the countries have taken together. Under the guidance of the honourable Sheikh Hasina, Prime Minister of the People's Republic of Bangladesh and the honourable Kishida Fumio, Prime Minister of Japan, the strategic partnership will transform our economic landscape and accelerate the inclusive prosperity journey. The three strategic areas that are key for Bangladesh's continued prosperity are the digital economy, agrobusiness, and sustainable finance – each of these areas, Japan can contribute significantly."

Yusuke Asai, chief executive officer, Standard Chartered Japan, said, "My personal relationship with Bangladesh started back in 1977 when I was a student. My first conversation in English was with a visitor from Bangladesh. As the Chief Executive Officer of Standard Chartered Japan, I would like to give back to Bangladesh. The most honourable Prime Ministers of Japan and Bangladesh have agreed to transform the comprehensive partnership into a strategic one. This helps us to face recent challenges by creating supply chains between the two countries that includes all businesses – starting from big global ones to small and medium ones. Japanese companies will keep aiding Bangladesh with investments in infrastructure and renewable energy going forward, to catalyse the growth of Bangladesh's economy and business relationship between the two countries."

Iwama Kiminori, ambassador Extraordinary and Plenipotentiary of Japan to Bangladesh, remarked, "Last year, Japan and Bangladesh celebrated the 50th anniversary of the establishment of the Japan-Bangladesh relationship. This transition marks the beginning of the new era in our relations. The honourable Prime Minister Sheikh Hasina elevated the bilateral relationship so that the two nations can commence bilateral cooperation in new areas beyond traditional ones. Both leaders from Japan and Bangladesh share their determination to enhance cooperation –specifically, in three major areas. There are three pillars are: one, cooperation for peace and stability in the region and beyond. Two, The deepening economic cooperation for mutual benefit and regional prosperity. And last but not the least, expansion of cultural cooperation and people to people exchanges."

Myung-Ho Lee, president, Japan-Bangladesh Chamber of Commerce & Industry (JBCCI); President, Japanese Commerce and Industry Association in Dhaka Chamber of Commerce and Industry (JCIAD, Shoo-Koo-Kai); and Country Representative for Bangladesh, Mitsubishi Corporation, said, "Economic Partnership Agreements (EPA) between Japan and Bangladesh should be in effect before the LDC graduation in 2026. For that, EPA negotiation must start early. EPA will help grow the investment between both countries, not just trade. More investment from Japan will lead to more local employment and more commercial activities in Bangladesh. More commercial activity in Bangladesh will lead to more tax collection through corporate tax, income tax, VAT, etc., – which can offset the reduction of the import duty collection owing to the EPA."

Yuji Ando, country representative, Japan External Trade Organization (JETRO) Bangladesh, said, "Regarding enhancing the investment environment, JETRO conducted a survey among Japanese companies operating in Asia and ASEAN countries, including Bangladesh. There will always be areas for improvement – for example simplifying Letter of Credit processes in line with global convention. I hope for changes in these areas to improve the investment environment further. Banks such as Standard Chartered, with their global know-how and strong local presence, have an important role to play in this."

In his keynote presentation, Dr. M. Masrur Reaz, chairman and founder, Policy Exchange Bangladesh, said, "There has been a paradigm shift in Japan-Bangladesh relations over the last eight years, with the theme going from development aid to trade, investment, and growth supportive infrastructure. Elevation to strategic partnership, the Bay of Bengal Industrial Growth Belt (Big-B) initiative, prospects of regional integration, and the Asia Energy Transition initiative will shape of the next phase of collaboration, with Bangladesh's social and economic developments places the nation as one of Japan's next growth partners."

Enamul Huque, managing director and head of Corporate, Commercial and Institutional Banking (CCIB) Client Coverage, Standard Chartered Bangladesh, commented, "We have gathered to celebrate the strong ties between Bangladesh and Japan, and to highlight Bangladesh's potential as a key investment and trade destination for Japanese businesses. We look forward to working with all those present and the wider community towards achieving our shared aspiration of accelerating the Japan-Bangladesh Strategic Partnership."

As the nation's long-term partner in progress, Standard Chartered has consistently been linked to Bangladesh's inspiring story of growth and resilience. For more than 118 years, the Bank has been dedicated to driving commerce and growth without leaving people behind, negatively impacting the planet, or creating divisions that diminish our sense of community. By bolstering existing trade corridors and making cross-border trade easier, Standard Chartered is poised to support businesses with on-the-ground advisory and innovative financial solutions that meet local and cross-border needs.