Japan wants to continue the ongoing trade benefits after Bangladesh becomes a middle-income country.
For this, a joint working committee could be formed to implement the Free Trade Agreement (FTA) or the Preferential Trade Agreement (PTA) and to increase trade and investment between the two countries.
“If we can start the process and frame it, then this will help boost our economic partnership, but this has to be reciprocal,” he added.
Japanese Ambassador to Bangladesh ITO Naoki made the remarks while speaking in a dialogue titled “Bangladesh-Japan Partnership for the Next Development Journey” organized by the Center for Policy Dialogue (CPD) at the Westin Hotel in the capital on Wednesday.
Planning Minister MA Mannan was present as the chief guest on the occasion.
The Japanese Ambassador said that there is a need to focus on training the Bangladeshi workforce for catering to the needs of the Japanese market.
“Both sides need to make more efforts. People should be trained to meet the needs of the Japanese market,” he added.
Naoki said Japan has been on Bangladesh's side since Independence and Japan has become the largest development partner of Bangladesh.
Meanwhile, Japan has taken initiative to increase trade and investment with Bangladesh, he said, adding that Japan is thinking of continuing the trade benefits given to Bangladesh even after leaving the LDC.
The Planning Minister stressed the need for signing a Free Trade Agreement (FTA) between Bangladesh and Japan for boosting bilateral trade, investment and economic cooperation.
He expects the bilateral relationship between the two countries would be better, stronger and warm in the coming years.
“Based on the experiences of the bilateral relationship between Bangladesh and Japan over the last 50 years, we're looking forward to the next 50 years which is going to be much better, stronger and warmer,” he said.
The Planning Minister said, “Japan is one of the friendly countries of Bangladesh. The government has always given high status to Japan. Japan is the largest economic power in Asia. We want to use it.”
Regarding the FTA agreement, he said that no one is interested in signing the FTA agreement with Bangladesh.
“However, Japan itself has expressed interest in the FTA. Bangladesh wants to take advantage of this opportunity,” he mentioned.
He also expressed his firm resolve that Bangladesh would become a self-reliant, prosperous and developed country by 2041 where countries like Japan could be a very strong friend.
"The next 50 years will be better for us. We would like to see Japan and other countries stand beside us in our next journey," he added.
The Planning Minister said Bangladesh attaches highest importance to its relationship with Japan while with the completion of the work of the Special Economic Zone at Araihazar in Narayanganj, exclusively dedicated for the Japanese investors, the landscape would be changed totally there.
JICA Chief Representative Yuho Hayakawa said Bangladesh should focus on accelerating inclusive growth, overcoming social vulnerabilities and building comprehensive cooperation.
He informed that Bangladesh became the largest recipient of JICA loan in the last fiscal year (FY21).
According to official data, Japan disbursed $1.95 billion in 2021 as aid to Bangladesh, which was the highest in the past 50 years.
Eminent economist Rehman Sobhan said Japan has been providing support in many mega projects of Bangladesh.
He expects that Japan would stand beside Bangladesh in the energy sector and in addressing climate change issues.
Research fellow of the CPD Syed Yusuf Sadaat made a presentation on the Bangladesh-Japan partnership for the next development journey while board member of Asian University for Women Kathy Matsui made the keynote presentation.
Besides, Chief Representative of Japan International Cooperation Agency (JICA) Yuho Hayakawa, Professor Dr Tatsufumi Yamagata, CPD research director Dr Khandaker Golam Moazzem, Prof Dr Kenta Goto of Kansai University, Japan-Bangladesh Chamber of Commerce and Industry President Asif A Chowdhury spoke as panel discussants.
