Japan plans to complete construction of the Matarbari deep-sea port in April 2026, a senior official of Japanese foreign ministry tells the FE.
Matarbari seaport at Moheshkhali under Cox's Bazar on the southeast coast of the Bay of Bengal is considered a game-changer for the regional economy.
The survey for the port was done in 2018 and the loan agreement signed in 2019. The construction will start in April next year, says Iwamoto Keiichi, deputy director general at Southeast and Southwest Asian Affairs Department of the ministry.
The work is due for completion by 2026 as Japan is confident about meeting the deadline, he states.
During Prime Minister Shinzo Abbey's Dhaka visit and a meeting with his Bangladesh counterpart Sheikh Hasina, Mr Iwamoto adds, Japan committed itself to extend cooperation in several sectors.
These sectors include improvement of transportation, stable energy supply, development of spatial economic zone and development of private sector.
Mr Iwamoto says big projects like MRT, deep seaport, rail bridge on the Jamuna and cross-border road network are being funded by Japanese government.
Replying to a query, he says Bangladesh's dependency on a single sector like textile poses vulnerability to its export basket.
The Japanese dignitary suggests diversification of the export basket.
Addressing the challenge of making up the country's declining gas reserves is vital to its economy, he notes.
The improvement of basic infrastructure like roads and ports is also crucial to court foreign investors.
To this end, he mentions that in the area of customs, Bangladesh needs to do more reforms as many investors and businessmen face problems with the prevailing customs procedure.
Mr Iwamoto says bilateral trade between the two countries is growing despite a little deficit for Bangladesh.
Bangladesh can be able to offset this deficit by improving its export basket, he adds.
Bangladesh's import from Japan was $1.8 billion last year while its export was $1.2 billion.
Responding to another query, Mr Iwamoto says multiple Japanese companies are planning to relocate from China to other South Asian countries.
Bangladesh can take the opportunity through further improve its investment climate, he adds.
The abundant cheap labor in Bangladesh is the strength of the country.
However, Mr Iwamoto points out that the Japanese companies, which have already relocated their factories from China, have found their destination mainly in Vietnam, Thailand and Malaysia.
When asked, he says under the Indo-Pacific Strategy, Japan has no plan to provide any economic package, but friendly countries like Bangladesh are getting assistance in various sectors since inception.
mirmostafiz@yahoo.com