The Metropolitan Chamber of Commerce and Industry (MCCI) on Monday signed a Memorandum of Understanding (MoU) with the Japan External Trade Organisation (JETRO) to strengthen business cooperation between Bangladesh and Japan.
MCCI President Rokia Afzal Rahman and JETRO Country Representative Kei Kawano signed the MoU at the chamber in Dhaka on Monday on behalf of their respective organisations.
The JETRO is a government organisation under the Ministry of Economy, Trade and Industry (METI) of Japan and it works to promote mutual trade and investment with other countries.
According to the MoU, both the parties will exchange relevant market information and support governments in formulating more business-friendly policies, promoting trade and investment and industrial cooperation between the two countries. It will ensure exchange of information and cooperation on specific activities to promote trade, investment and technology transfer.
"The MoU will enable us to understand each other's market and thereby enhance cooperation between the two friendly countries," said the JETRO country representative after signing the MoU.
Mr. Kawano said the JETRO is already working with Bangladesh closely to strengthen bilateral relations. He hoped the MoU signed between the MCCI and the JETRO would have a positive effect on the country's economy.
Highlighting the importance of regional economic integration, he said Bangladesh, situated in South Asia, is very important for Japan and Japanese businessmen are interested to invest and expand their businesses in the country.
The Japanese investors are interested in labour- intensive manufacturing industries, especially in readymade garments, he said. They also want to invest in some other sectors like electronics, machinery and automobiles, pharmaceuticals and even in high tech industries.
"More than 30,000 Japanese companies are working in China and 8,000 in Vietnam whereas only 180 are in Bangladesh," said Mr Kawano. About 80 per cent of Japanese companies operating in Bangladesh are planning to expand their business activities in this country, he added.
The Japanese investors are looking to relocate abroad their industries, primarily because of rising wages there. The wages in Bangladesh are one fourth of those of China and half of Vietnam, said the JETRO representative.
Terming Japan as one of the most trusted friends and the single largest donor country, MCCI president Rokia Afzal said Bangladesh and Japan have been maintaining good relations since long. Japan has contributed a lot to the economic development of the country, she pointed out.
She laid emphasis on Japan's further cooperation in the country's economic development and called upon the JETRO to collaborate with Bangladesh's private sector to make the country an attractive investment destination.
The signing ceremony was attended among others by former MCCI president M Anis Ud Dowla and secretary general Farooq Ahmed.
mzrbd@yahoo.com