Staff Reporter :
The country’s automobile industry could be an emerging foreign investment destination, as the market size has grown multifold over the years.
The sector has become an industry worth $1 billion and the passenger vehicle sales are dominated by the imported reconditioned cars, which contribute a significant percentage of customs duties for the government.
Under this situation, the industry could be an emerging investment destination for Japanese entrepreneurs, said Rizwan Rahman, President of the Dhaka Chamber of Commerce and Industry (DCCI), during a bilateral business meeting with the Ambassador of Japan in Dhaka ITO Naoki at the DCCI’s office in the city on Sunday.
Referring to a strong bilateral business relationship between Bangladesh and Japan, the DCCI president said that total trade volume was $2.92 billion, where amount of export and import was $1.20 billion and $1.72billion respectively in 2019-20 fiscal year. He also said that Bangladesh’s export to Japan was $1183.64 million in 2020-21, which was lower than the previous year due to pandemic and hoped that it would increase in the coming days.
Some 321 Japanese companies are now operating their activities and in March 2021 the Japanese FDI in Bangladesh was $397.15 million, he informed.
DCCI President said that Bangladesh mainly export RMG products to Japan and urged the Ambassador to facilitate other promising products for export to Japan.
He opined that Japan can play a vital role for skill development in Bangladesh and share technical know-how and train Bangladeshi entrepreneurs.
ITO Naoki said that Bangladesh had been able to send a strong message to the world in terms of keeping positive GDP growth even in the pandemic. The Japanese Economic Zone in Araihazar will be able to go for operation by next year and it will expedite Japanese investments in Bangladesh, he said.
The Japanese ambassador further said that signing a FTA a joint study can be conducted with an initiative of both the governments.
