Bangladesh and Japan at a dialogue in Dhaka have agreed to cooperate each other in developing different services, industry and consumer sectors.
The two sides identified areas of cooperation like food processing, light engineering, consumer goods, information technology and logistics at the day-long 4th Bangladesh-Japan Public Private Joint Economic Dialogue (PPED) on Thursday, meeting sources said.
The minutes signed after the meeting also supported the Bangladesh side's proposal to arrange necessary trainings for the Bangladeshi IT professionals to work in Japan. Japan External Trade Organisation (JETRO) will arrange such trainings.
The meeting was held after a year of interval to strengthen economic relations and cooperation between the two countries by removing different barriers to investment.
Principal Coordinator (SDG Affairs) of Prime Minister's Office Md. Abul Kalam Azad and Vice-Minister for International Affairs of Ministry of Economy, Trade and Industry of Japan Tatsuya Terazawa signed the minutes on behalf of the respective sides.
Teruo Asada, Chairman, Japan-Bangladesh Committee for Commercial and Economic Cooperation (JBCCEC), accompanying government officials and 74 private sector representatives from Japan side participated in the dialogue.
Around 45 members from Prime Minister's Office, ministries of finance and foreign affairs, National Board of Revenue, Bangladesh Investment Development Authority, Bangladesh Export Processing Zones Authority and Pubic-Private Partnership Authority attended the meeting.
Mr. Nizamuddin Rajesh represented the Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) in the meeting.
Meeting sources said the Japanese side showed interest in setting up a battery-run three wheeler industry and requested the government to take necessary regulatory measures for bringing discipline in the sector.
Japan also showed interest to invest in power and energy sector and requested the Bangladesh side to form a working group in this regard.
The launch of PPED was a part of the Japan-Bangladesh comprehensive partnership which was signed during the meetings between the two prime ministers of the two countries in 2014.
The first PPED was held in Dhaka in August 21, 2014 under the auspicious of the Prime Minister's Office and METI just prior to the Japanese Prime Minister's visit to Bangladesh.
The 2nd meeting was held in Japan on 15 April 2015 and the 3rd on October 31, 2017 in Japan.
An official said Bangladesh side termed the fourth PPED meeting 'fruitful' as around 150 Japanese delegation members attended it despite continuation of Japanese red alert in travelling to Bangladesh.
He said the Japanese side, however, informed the meeting that withdrawal of the red alert is under consideration.
JETRO Country Representative Daisuke Arai expressed disappointment as the meeting could not bring any concrete development on the issues of good governance and compliance of the National Board of Revenue (NBR).
"We expect some decision or guideline from Bangladesh to better the attitude of the NBR and develop an investment environment for Japan in the future," he told the FE over phone.
The JETRO chief also said the PPED is the place of negotiation and it will continue.
Since the PPED is held following the visits of the two prime ministers, efforts have been taken to improve the environment for the Japanese investors through changing related laws, rules and taxation.
Japanese investment in the country has been increasing since then as the government has provided space for Japan to establish the special economic zone in the country.
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