Economy
“Bangladesh Emerges as a Highly Attractive Destination for Rapid Investment!”
Prime Minister Sheikh Hasina has invited Japanese business leaders to invest more in Bangladesh, highlighting the country’s tremendous potential and opportunities. Speaking at the Dhaka Rise of Bengal Tiger: Investment Summit on Thursday at a hotel in Tokyo, she said Bangladesh is emerging as an extremely attractive destination for investment.
The Prime Minister added that Bangladesh will ensure a conducive business environment and equal opportunities and facilities for everyone in the field of business. She mentioned the growing Japanese business and investment in Bangladesh, even amid the pressure of the COVID-19 pandemic. The bilateral trade between the two countries has seen significant growth, exceeding $4 billion for the first time in the 2021-22 fiscal year.
Sheikh Hasina also pointed out that the number of Japanese companies operating in Bangladesh has been steadily increasing over the past few years, especially since 2014 when the two countries embarked on a “comprehensive partnership” and the “big-B” initiative.
Prime Minister expressed that she is confident that even Japanese businessmen are following this upward trend and they will expand their existing businesses and open new ventures in Bangladesh. She stated that our embassy in Tokyo is ready to cooperate and facilitate your initiatives.
Assuring Japanese business leaders, the Prime Minister said, “I want to assure you that our government and relevant institutions are eager to support the business endeavors of Japanese friends in Bangladesh.”
Sheikh Hasina stated that based on the significant outcomes of bilateral relations between the two countries in the past five decades, she is hopeful for greater Japanese initiatives in Bangladesh in the coming years.
The Prime Minister revealed that several regulatory and policy issues raised by Japanese companies have already been addressed. She mentioned Bangladesh’s liberal trade policy in South Asia as the most accommodating.
She stated, “With competitive costs, abundant human resources, high purchasing power, and a rapidly growing middle class, Bangladesh has emerged as an extremely attractive destination for investment.”
Highlighting Bangladesh’s efforts to enhance regional and international market access, the Prime Minister said, “We are establishing high-tech/software technology parks throughout the country. Bangladesh is creating a planned infrastructure base to position itself as a connectivity hub between South Asia and Southeast Asia.”
During the event, top Japanese entrepreneurs discussed investment plans and their future prospects in Bangladesh.
Expatriate Bangladeshis sent approximately US$ 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.
