Bangladesh needs two key initiatives to address the challenges after it graduates from the least developed country (LDC) status in 2026, said Japanese ambassador to Bangladesh Iwama Kiminori.
According to the media reports, he also said that the country must improve its investment and business environment to attract more Japanese companies and sign the proposed Economic Partnership Agreement (EPA) to enjoy duty-free market access to Japan, the envoy said.
He identified lengthy approval procedures, bureaucratic red tape, and duties as the primary obstacles to attracting Japanese investment.
He noted that neighbouring countries in Southeast and South Asia have a more congenial investment environment compared to that in Bangladesh, and therefore, Japanese entrepreneurs consider them better destinations to invest.
The Bay of Bengal Industrial Growth Belt (BIG-B) would accelerate industrial activities and make Matarbari a hub, benefitting not only neighbouring countries, but also Bangladesh, he was quoted as saying by media outlets in the country.