Barriers being removed to bring Japanese investment

Bangladesh is now busy with preparation to eliminate procedural bottlenecks as the groundwork for bringing in foreign direct investment in bulk from Japan as Japanese Prime Minister Shinzo Abe is due here early next month to set a new move on bilateral cooperation in motion.
The Japanese premier is scheduled to arrive in Dhaka in the first week of September at the invitation of Bangladesh Prime Minister Sheikh Hasina. She extended the invitation during her visit to Japan in May.
Sources said the ministries concerned, including Commerce and Foreign Ministries, Bangladesh Bank and Economic Relations Divisions are holding meetings to review the overall Bangladesh-Japan trade and business status with a view to ensuring creation of better investment environment.
As part of such move, the Bangladesh Bank sat Sunday with delegations of Japanese investors and government agencies discussing issues like access to loan from abroad, external payment and so to pave the way for investment on a larger scale under the newly broached broader framework of interaction.
Japanese Ambassador Shiro Shadoshima led the Japanese delegation at the inter-ministerial meeting. BB Governor Dr Atiur Rahman led the host side at the preparatory talks.  
The organisations represented in the meeting included Japan International Cooperation Agency, the Board of Investment of Bangladesh, Japan External Trade Organisation, Bangladesh Export Processing Zones Authority and the National Board of Revenue.
Meeting sources said the Japanese representatives highlighted some investment bottlenecks during the meeting which are likely to be removed shortly.
 "We have held the meeting to remove the bottlenecks so that we can ensure our readiness to attract Japanese investment and show it to the Japanese Prime Minister during his scheduled visit," said one official.
The central bank source said the governor, during the meeting, also directed the authorities concerned to find solution after consulting related ministries and submit a report to the Prime Minister without delay.
Meanwhile, Foreign Ministry sources said before the Japanese Prime Minister's visit, a Joint Bangladesh-Japan Public-Private Economic Dialogue would also be held on August 21 in the country where overall investment and trade opportunities for the two countries will also be discussed.
For the first time, a joint dialogue with participation of both public and private sectors will be held between Bangladesh and Japan, which is also organized as part of the joint statement signed between the Prime Ministers of the two countries in May, they added.
A Commerce Ministry official said a committee comprising secretaries of eight ministries, including commerce, foreign and industries, and the economic relations division has already been formed as part of a massive preparation. The panel will sit at the Prime Minister's Office on August 14.
The meeting is also preparatory to holding the first-ever joint public-private dialogue between Bangladesh and Japan, he added
Representatives of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) will attend the meeting from the private sector.
Sources said the Commerce Ministry has already sent positioning paper to the Prime Minister's Office. It is prepared to review the Bangladesh-Japan business environment and fix the agenda for the first joint Bangladesh-Japan Public-Private meeting.
Meanwhile, a central bank press release on Bangladesh Bank's Sunday meeting said the Japanese Ambassador expressed the hope for further progress in preparation before the planned Bangladesh visit of the Prime Minister of Japan, one of world's economic powerhouses.
The government assured the Japanese side of the highest commitment of the Bangladesh side in facilitating Japanese investment in Bangladesh.
Overall bilateral economic ties between the two Asian countries are likely to have a boost in coming years following the joint statement the two premiers signed in Tokyo with commitment to launching comprehensive partnership that ensures continuation of support for socioeconomic development of the two countries.