Japanese entrepreneurs urged to invest more in different sectors

Commerce Minister Muhammed Faruk Khan urged Tuesday the Japanese entrepreneurs to invest more in different sectors of the country. He was speaking as the chief guest at a luncheon meeting with the visiting Japanese business delegation. The luncheon meeting was organised by Federation of the Bangladesh Chambers of Commerce and Industry (FBCCI) at a city hotel. "I urge you to invest more in the country and this will help grow our economy," Mr Faruk said. Mr Faruk said Japan is a role model for Bangladesh and added: "Bangladesh is like a mini Japan as almost all households of our country are equipped with Japan-made electronic goods." The minister said Japan has been the single largest donor to Bangladesh ever since the diplomatic ties were established between the two countries in 1972. Terming the present visit by the Japanese business delegation as a 'golden mission', he said, "we would be benefitted by new ideas about corporate social responsibility (CSR) programmes to be implemented in Bangladesh." Addressing the meeting, Executive Chairman of Board of Investment (BoI) SA Samad said currently Bangladesh has an expanded domestic market and business-friendly democratically elected government which offers tremendous opportunities to investors. Citing a recent study, he said Japanese companies ranked Bangladesh 15th as their preferred destination for overseas investment. Mr Samad said the size of Bangladesh's middle class income group is bigger than those of Malaysia and Singapore. There is a large potential for goods and services for the middle-income group in Bangladesh, he added. Addressing the meeting as the special guest, leader of the Japanese delegation Ryoji Chubachi said they are now holding interactive dialogues with the companies of South Asia about the practice of CSR in the region. Mr Ryoji, who is also the vice chairman of Sony Corporation, said the FBCCI has taken moves for CSR practices through one-businessman-one-family model. "We will assist those who want to develop their CSR activities", he added. The FBCCI president A. K. Azad said geographical location of Bangladesh is ideal for global trade with its convenient access to international sea and air routes. Mr Azad sought Japanese support for producing quality items with new technology at competitive prices, and invited Japanese entrepreneurs for making investment in potential areas of Bangladesh. He urged the Nippon Keidanren, a comprehensive economic organsation of Japan, to consider exploring the potential of Bangladesh as the country has a large population and favourable investment facilities. "We are pledge-bound to extend all out cooperation from the private sector," he added. The FBCCI First Vice President Jashim Uddin and Vice President Mostafa Azad Chowdhury Babu and other business personalities were present in the luncheon meeting.