Economy
“Boosting Bilateral Trade: Bangladesh and Japan Exchange 11 MoUs”
Bangladesh and Japan have exchanged 11 Memorandums of Understanding (MoUs) to boost bilateral trade during the investment conference “The Rise of Bengal Tiger: Trade and Investment Opportunities between Bangladesh and Japan” held in Tokyo on Thursday, April 27th. The MoUs were signed between private companies from both countries and included the participation of JICA and JBIC. The Chairman of the BCCI, Professor Shibli Rubayat-Ul-Islam, gave a presentation at the event.
11 Memorandum of Understanding (MoUs)
1. Japan Chamber of Commerce and Industry (JCCI) and Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) have signed a memorandum of understanding aimed at fostering closer and more productive cooperation between the two countries in the fields of bilateral trade, economic cooperation, and participation in events. The agreement seeks to identify and address the various impediments to trade and investment between the two countries and establish a reliable and fruitful communication channel between the two business groups to facilitate collaboration and mutual support.
2. Lion Kallol Limited (LKL) in Bangladesh aims to expand its business further and has signed an agreement with Lion and BSEJ (Bangladesh SEZ Authority) for the allocation of land.
3. The development, construction, and operation of a high-performance 700-megawatt combined cycle gas-fired power plant in Anowara, Chattogram, is set to be enhanced through a contract signed by Japan’s ITOCHU and Bangladesh’s KEPCO and AKH PPP Project.
4. A new solar power project will be jointly invested in and developed by Marubeni of Japan and the Dorin Group of Bangladesh, as they have signed an agreement. The goal is to form a business and capital partnership, and undertake a collaborative initiative.
5. Marubeni and the Bangladeshi business conglomerate BIIT have signed a pact to establish a joint venture with the aim of promoting investment and development.
6. Medina Dental Company of Japan and AICHI Health Care Group of Bangladesh have signed an agreement to jointly establish a Japanese standard dental laboratory in Bangladesh.
7. Sumitomo Corporation of Japan and Parka Bangladesh Limited of Bangladesh have signed a pact to collaborate on the development of a 200 megawatt solar power plant in Bangladesh, both on the surface and on the ground.
8. The objective is to establish a new cyber security training center in Bangladesh, and for this purpose, a collaboration agreement has been signed between Japan’s Pipeline and Bangladesh’s Euro Vigil.
9. As part of a joint venture to construct a thermal power plant in Bangladesh, a partnership agreement has been signed between Japan’s JERA and Bangladesh’s Summit Group.
10. An exchange of letters (EOL) has been signed between the Financial Services Agency (FSA) of Japan and the Bangladesh Securities and Exchange Commission (BSEC) to enhance mutual cooperation in financial services.
11. Furthermore, in order to promote knowledge exchange, business collaboration, and mutual cooperation in the IT industry between the two countries, Japan Information Technology Services Industry Association (JISA) and Bangladesh Association of Software & Information Services (BASIS) have signed an agreement.
On Thursday, April 27, according to local time in Tokyo, Prime Minister Sheikh Hasina exchanged views with selected Japanese business leaders at a hotel. During the meeting, she stated that Bangladesh will continue to prioritize the development of a conducive business environment and ensure equal opportunities and facilities for everyone in the field of business.
She highlighted the growing Japanese businesses and investments in Bangladesh, even amidst the pressure of the COVID-19 pandemic. Their bilateral trade has surpassed the milestone of $4 billion for the first time in the fiscal year 2021-22.
The Prime Minister mentioned that the number of Japanese companies working in Bangladesh has gradually increased over the past few years, especially since 2014 when they entered into “comprehensive partnership” and the Big-B Initiative.
She expressed hope that Japanese business leaders will continue to follow this positive trend and expand their existing businesses and establish new ones in Bangladesh.
Expatriate Bangladeshis sent approximately US$ 2.11 billion in remittances during the first 28 days of September in the fiscal year 2024-25, according to data released by Bangladesh Bank on 29 September.
Of this total, state-owned and specialised banks handled $679.10 million, while private banks received $1.43 billion in remittances.
Chief Adviser to Bangladesh’s interim government, Professor Muhammad Yunus, has vowed to expedite reforms and hold elections swiftly. Yunus, who recently assumed the role after the collapse of Prime Minister Sheikh Hasina’s 15-year administration, expressed his commitment during an interview with Tokyo-based news outlet NHK WORLD in New York on Sunday. He was attending the United Nations General Assembly at the time.
Following mass student-led protests that ended Hasina’s long-standing rule in August, Yunus stepped in as the leader of the caretaker government. Known for founding Grameen Bank, an institution providing microloans to the underprivileged, Yunus, along with the bank, earned the Nobel Peace Prize in 2006 for his efforts in poverty alleviation.
During the interview, Yunus emphasized that the interim government’s primary mission is to implement reforms promptly and ensure elections are held as soon as the groundwork is complete. He underscored the importance of success, stating, “Failure is not something that we can accept.”
Addressing the pivotal role of students in the ousting of the Hasina administration, Yunus acknowledged the sacrifices made by young people, referring to their involvement as part of a “revolution.” He highlighted his intention to engage the younger generation in shaping policy.
Furthermore, Yunus called for continued support from Japan, Bangladesh’s largest donor, during this crucial transition period. He stressed that Japan’s assistance is vital to stabilizing Bangladesh’s economy and fostering a democratic foundation in the nation.
Syeda Rizwana Hasan, the Adviser for Environment, Forests, and Climate Change, announced today that steps will be taken to restrict the use of polythene shopping bags to safeguard future generations.
Starting from October 1, polythene bags will be banned in shopping malls, followed by a ban in kitchen markets from November 1.
“Everyone must take responsibility and stop using polythene voluntarily. Action against polythene producers will begin from November 1,” Rizwana Hasan stated during a seminar.
The Department of Environment (DoE) organized the seminar to raise public awareness about alternatives to banned polythene bags.
Rizwana Hasan highlighted that the restriction on polythene will be executed in phases according to legal provisions, and discussions with shopping centers and store owners are ongoing to ensure a smooth transition.
She also announced plans to make the government secretariat a plastic-free zone by December.
Other speakers at the seminar included Environment Secretary Dr. Farhina Ahmed, DoE Director General Dr. Abdul Hamid, Director Rajinara Begum, President of the Shop Owners Association Muhammad Helal Uddin, and Md. Arifur Rahman Bhuiyan, Assistant Professor of Environmental Science at BUP. They discussed the harmful effects of polythene and the need for alternative products.
Earlier, Rizwana Hasan inaugurated a fair showcasing eco-friendly alternatives to polythene bags and visited 24 stalls. The fair featured products from government and private entrepreneurs, including reusable bags, jute bags, paper bags, and items made from bamboo and cane.
