What strategic partnership means for Bangladesh
A strategic partnership involves closer collaboration and cooperation between two nations in a range of areas, including trade, security, technology, culture, and education.
The implications of such partnership are significant for both Bangladesh and Japan as this has the potential to benefit both countries in a wide range of areas and could contribute to regional stability and economic growth.
"Strategic partnership is mainly a long-term partnership that is not limited to trade and investment only. There may be some geo-strategic elements," said Prof Mustafizur Rahman, distinguished fellow of the Centre for Policy Dialogue.
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He referred to the issue of Bangladesh's 15-point Indo-Pacific Outlook announced on Monday. Also, Japan is mulling to make a comprehensive partnership centring Matarbari where trade, investments, connectivity and logistics issues are there, he told The Business Standard.
For Bangladesh, Japan is always a big development partner and trusted friend and it gives debt relief to Bangladesh every year. "This relationship will deepen further due to the strategic partnership," he said.
Prof Mustafizur also said this could mean greater access to Japanese markets for Bangladesh's exports, increased Japanese investment in Bangladesh, and the transfer of Japanese technology.
The economist suggested that the government should explore greater market access in Japan after Bangladesh's LDC graduation in 2026.
For Japan, the strategic partnership with Bangladesh provides access to a large and growing market for Japanese goods and services, as well as opportunities for Japanese companies to invest in infrastructure and energy projects in Bangladesh. Also, it could help Japan to increase its presence and influence in the South Asian region, which is of strategic importance to Japan.
Bilateral trade between the two countries have been increasing steadily over the years and reached nearly $4 billion in 2022. Of which, Bangladesh's exports to Japan were $1.7 billion and Japan's exports were over $2 billion. Readymade garments dominated Bangladesh's exports, while Japan mainly shipped cars, machinery and equipment and iron ore to Bangladesh.
