True potential of Japan-Bangladesh ties yet to be utilised: Momen

Foreign Minister AK Abdul Momen has said that Bangladesh is yet to exploit the true potential that exists in the relation between Japan and Bangladesh.

"We look forward to working closely with Japan to add new dimensions and further consolidate our ever-growing political and economic relations," he said at the networking programme –Celebration of the 50th Anniversary of Japan-Bangladesh Diplomatic Relations – on Thursday night at a city hotel.

"We see further prospects of greater trade and investment cooperation in the areas of infrastructure, ICT, high-tech products, electronics, deep sea fishing and mining, high-end consumer and bio-tech products, renewable energy, skilled and professional human resource engagement, etc. for the mutual benefits of our two peoples," added the foreign minister.

Speaking as the chief guest of the programme jointly organised by the Japanese Commerce and Industry Association in Dhaka (JCIAD) and Japan Bangladesh Chamber of Commerce and Industry (JBCCI), Momen urged Japan to continue to stand by Bangladesh in its development journey.

The foreign minister also expressed optimism that Japan will play a crucial role in Bangladesh's journey towards becoming a developed country by 2041 after graduating from the LDC status in 2026.

"We are trying to further improve our business and investment environment, as well as establish direct air connectivity between Dhaka and Tokyo. All these efforts will create enormous business scope for the private sectors of our two countries," said the top Bangladesh diplomat.

He said the presence of 315 Japanese firms in Bangladesh is a testament to the growing confidence of Japan-affiliated firms in doing business in Bangladesh.

"I hope the Japanese firms will come forward in establishing appropriate institutes for manufacturing and introducing Japanese Endowed Courses (JEC) in relevant engineering institutes in Bangladesh for the training of future shop-floor leaders in Japanese style manufacturing processes and key working methods such as Kaizen and 5S, to cater to the needs of their skilled human resources," he said. 

Bangladesh is located at the pivot between two huge economic markets – South Asia and Southeast Asia, Momen said, adding that Bangladesh is also one of the most free-market, trade-oriented economies in South Asia.

"I believe a market of about 170 million consumers with a growing middle-class, higher purchasing power, easily trainable vibrant workforce, and rapid pace of economic growth can make Bangladesh a friendly destination for Japanese businesses," he said.

Momen said Japan has remained as a true friend and a trusted development partner in Bangladesh's journey towards achieving stellar socio-economic development.

Japan has so far committed to provide more than $28 billion as development assistance to Bangladesh in the forms of grants, loans, and technical assistance and Bangladesh has already received over $18 billion worth of assistance from the country, which is also the second largest export destination of Bangladesh in Asia.

A large number of significant infrastructure development projects in Bangladesh have been completed or under implementation with Japanese financial and technical support, Momen said.

Bangladesh's merchandise exports to Japan have almost doubled in the last decade and reached over $1.3 billion in the last fiscal year.

Japan is the 5th largest import source country for Bangladesh with merchandise imports standing at over $2.0 billion and the 12th largest FDI source country with FDI stock standing at around $483 million.

Japanese Ambassador to Bangladesh Ito Naoki and Secretary General JCIAD and Country Representative JETRO Yuji Ando also spoke at the event among others.