PRIME Minister Tarique Rahman’s four-day state visit to Japan has opened up immense possibilities for elevating the economic and commercial partnership between the two countries to a new height.
During this visit, significant loan agreements — totaling approximately $2.5 billion US dollars — expected to be signed to support sustainable development in the power and energy sector, as well as to provide national budgetary support.
After a summit between Prime Minister Tarique Rahman and Japanese Prime Minister Sanae Takaichi in Tokyo on Tuesday, the two leaders agreed to transform their flagship Bay of Bengal Industrial Growth Belt (BIG-B) initiative into a broader strategic framework for shared prosperity, with Tokyo projecting up to ¥1 trillion in Japanese private investment and expected 200,000 jobs in Bangladesh over the next five years.
Furthermore, three memoranda of cooperation (MoCs) were signed to expand cooperation and investment between Japan’s Ministry of Economy, Trade and Industry and Bangladesh’s Economic Relations Division on economic relations and improvement of the business environment; and two between Japan’s Ministry of Agriculture, Forestry and Fisheries and Bangladesh’s agriculture ministry and fisheries and livestock ministry respectively.
Since independence, Japan’s technical guidance, technological support, and financial contributions have been highly commendable across various initiatives –from the long-awaited modern metro rail project in Dhaka city to the integrated mega-development project in Maheshkhali-Matarbari.
However, preparing large-scale proposals or signing contracts and memoranda of understanding does not constitute ultimate success; the real test lies in their swift implementation.
Past experience shows that many ambitious foreign investment projects stall before they can even get off the ground — hindered by delays in allocating suitable land, bureaucratic complexities, a lack of uninterrupted gas and electricity supply, and uncertainties regarding port duties or taxation.
In this era of globalization, to compete effectively with other nations and attract new multinational investment, we cannot simply rely on cheap labour.
To gain the confidence of foreign investors, we require administrative efficiency, policy consistency, prompt and entirely corruption-free services, and modern, world-class logistics capabilities.
Given the current global economic situation and regional geopolitics, the Prime Minister’s visit to Japan is highly timely and carries far-reaching significance.
Needless to say, within the long historical context of bilateral diplomatic relations, Tokyo has consistently served as Dhaka’s most reliable and time-tested development partner.
To reap the benefits of economic initiatives — such as partnership agreements between the two nations — our primary focus must be on reforming our domestic industrial structure and ensuring an environment conducive to investment.
It is hoped that this visit by the Prime Minister will serve as a milestone in the country’s economic progress.