Japanese experts are now concentrating on four locations to set up exclusive industrial zones in Bangladesh as part of Tokyo's planned investments in the country.
The Japan International Cooperation Agency (JICA) is conducting the search for new locations in a study dubbed 'Foreign Direct Investment Promotion Study,' which is likely to be concluded in April next year, said an official at Economic Relations Division (ERD) of the Ministry of Finance.
The four locations include Mirersorai in Chittagong, Moinamoti in Comilla, Rupgonj in Narayangonj and Mauna in Gazipur districts.
A highly placed private sector source, who attended the high level meeting of the latest Japanese fact finding mission at Prime Minister's Office on Thursday last said, site selection issues also dominated the discussion.
He said JICA team has so far visited 11 sites, but the most crucial issues that dominated their search included locations closer to the capital in the vicinity of one to one and a half hours drive.
They want to get assurance of power supply, improved ports and highways with equal importance to social infrastructure such as hospitalities and health care facilities.
He said the preferred locations to meet the needs of Japanese investors but it is too early to figure out their choice.
Once the initial site selection will be over; prospective Japanese investors may visit the locations before final decisions on those locations will be made.
He said discussions were also held on how the new industrial zones may be developed and opinion varied from engaging Bangladesh Economic Zone Authority (BEZA) with appropriate assistance from JICA to hiring the services of specialised Japanese agencies having experience in developing industrial parks.
However, the ERD official said the actual number of exclusive economic zones that Japan wants may be known after completion of the ongoing study, but it appears they are opting for several locations and the main target is to develop facilities for mid-level Japanese investors. Big investors may then follow.
He said Japan government's fact finding missions have visited Bangladesh thrice so far as part of finding new investment destinations in the country.
These visits took place in April last prior to Prime Minister Sheikh Hasina's visit to Japan in early May in 2014. then another visit took place in June and the latest one in this August.
They have done the ground work for the visit of Japanese Prime Minister Mr Shinzo Abe to Dhaka on September 6.
"It is going to be a significant visit to usher in a new era of economic cooperation. It may open the gate way of massive Japanese investment to Bangladesh's manufacturing sector," the ERD official said.
"A high level committee is working on Japan's Prime Minister visit with active support from the leaders of the country's private sector; the government is taking every step to fulfill expectations of the Japanese side," he said.
The private sector source said Japan's Prime Minister's entourage will include representatives from some of the biggest corporate houses who have once made lavish investment in China.
Now under the China +1 policy, the Japanese investors are looking for new destinations for relocation of their investment and Bangladesh in the South Asian region sits at the center of their interest, he said.
Arrival of Japanese investors may bring a leap forward for Bangladesh to integrate into the supply chain of Asia-Pacific region and the government is bent on using the opportunity, he said.
