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Star Business Report

Prime Minister Sheikh Hasina yesterday called for a comprehensive economic partnership agreement between Bang-ladesh and Japan to best utilise the bilateral business relationship.
Addressing a dinner hosted by Osaka Governor Toru Hashimoto at the New Otani Hotel here, Hasina said Bangladesh and Japan can embark on a glorious journey for mutual benefit of the two countries.
Hasina said 87 percent of the Japanese businessmen have expressed their readiness to invest in Bangladesh. Bang-ladeshi goods exported worldwide in the last fiscal year were worth $17 billion which is expected to surpass $20 billion in the current fiscal, she added. “Bangladesh fortunately continues to receive from its expatriates large remittances which in the current year will be around $14 billion.”
Due to Bangladesh's location as a bridge between the South and South East Asia with regional connectivity, it has the potential to become the hub of bustling economic activity in the region, Hasina said.
“I invite you most cordially to come to Bangladesh and participate in the joint efforts for prosperity of a significant corner of the globe,” she told the Japanese investors. Power, renewable energy, petrochemicals, IT, infrastructure, transportation and textiles are the sectors wherein Japan can invest, she said.
Hasina said Japan has consistently been helping Bangladesh in its socio-economic development ever since it earned freedom in 1971. Japanese investment has also contributed to Bangladesh's development and progress, she said, adding that Bangladesh now enjoys a healthy investment and business climate. She said this has been possible because of Bangladesh's liberal investment policies, including tax holiday, concessionary duty on the import of machinery, remittance of royalty, allowing 100 percent foreign equity, unrestricted exit policy, full repatriation facilities of dividend and capital on exit, etc.
The prime minister noted that despite the recent global economic crisis and the impacts of climate change, Bangladesh's annual GDP growth rate hovered around 6 percent, stockmarket remains stable and export growth was 4.11 percent in fiscal 2009-10. She further said that the current balance of trade is in favour of Japan with export of $1.047 billion to Bangladesh, compared to imports worth only $330 million. “This difference, you will agree, needs to be corrected with increased Japanese investment and relocation of Japanese industries in Bangladesh.”
Hasina said Bangladesh today thrives on healthy macro-economic fundamentals, socio-economic stability, cheap labour, a domestic market of over 150 million people and a South Asian market of 1.5 billion. She said Goldman Sachs has included Bangladesh in their list of “Next Eleven”; JP Morgan in their “Frontier Five”; and Standard and Poor's as well as Moody's have placed Bang-ladesh ahead of all countries in South Asia except India. Even JETRO has found Bangladesh as the second best profit-making destination for Japanese businesses in Asia, she said.
The prime minister sought Japanese investment in the infrastructure projects earmarked for implementation under the public-private-partnership policy (PPP) adopted by Bangladesh. Such infrastructures include highways, subways, monorails, railroads, power stations, a world class international airport and another sea port. Earlier, Hasina arrived in Hiroshima by air and after visiting Hiroshima Memorial Museum and Park came to Osaka by a Shinkansen (bullet train).