Japan’s Ambassador to Bangladesh, Saida Shinichi, expressed optimism on Tuesday that the Economic Partnership Agreement (EPA) between Bangladesh and Japan will be signed soon, calling the partnership a new window of opportunities for both countries’ economies.

The statement came during a bilateral meeting between Ambassador Shinichi and Dhaka Chamber of Commerce & Industry (DCCI) President Taskeen Ahmed at the DCCI Gulshan Center. DCCI Senior Vice President Razeev H Chowdhury and Vice President Md. Salem Sulaiman were also present.

During the meeting, Taskeen Ahmed highlighted the long-standing partnership between Bangladesh and Japan, noting Japan’s significant contribution to Bangladesh’s infrastructure development, bilateral trade, and investment.

According to Export Promotion Bureau (EPB) data, bilateral trade reached USD 3.12 billion in FY2023-24, with imports and exports amounting to USD 1.81 billion and USD 1.31 billion respectively. Japan ranks as Bangladesh’s 12th largest export destination, 9th largest import source, and 11th largest source of FDI stock.

Taskeen also mentioned that Japanese entrepreneurs have invested USD 507.14 million in sectors including fertilizer, construction, textiles, power, gas, and petroleum, urged Japanese investors to take advantage of various facilities offered by Bangladesh and stressed the need for Japanese technical and technological cooperation in automobiles, machinery, electrical equipment, agro-processing, agricultural logistics, jute, footwear, ICT, infrastructure, logistics management, and skilled manpower development.

He particularly called on Japan to support Bangladesh’s growing SME sector to expand its export potential.

Ambassador Shinichi said Bangladesh holds enormous potential for business, trade, and investment, but emphasized that diversification of the industrial structure and efficiency and accountability in public service are crucial.

He noted the country’s domestic market is expanding steadily, and Japanese entrepreneurs are likely to increase investments considering existing facilities.

He also highlighted opportunities for collaboration between Bangladesh’s skilled IT professionals and Japan’s advanced technology sector.

The Ambassador further mentioned that the 7th meeting of the EPA was recently held in Tokyo, where both parties indicated the agreement would be signed soon.