Standard Chartered Bangladesh has unveiled a guidebook to help Japanese businesses explore investment opportunities in the country and operate.
The book titled “Doing business in Bangladesh” offers detailed information and guidelines in both Japanese and English, was launched at an event on Thursday night in Dhaka. The publication offers readers information in both Japanese and English.
StanChart is playing a leadership role in enabling and facilitating trade and investment across the vital Bangladesh-Japan corridor. In order to deliver a seamless experience for Japanese businesses in Bangladesh, the bank has set up a dedicated Japan-Bangladesh Desk.
In 2018, the bank facilitated a landmark transaction between a Japanese and Bangladeshi company, which represents the single largest foreign private investment into Bangladesh and the single largest consumer sector acquisition in Bangladesh to date.
StanChart is also the mandated account bank for major Japan-funded megaprojects such as the Matarbari power plant, Kanchpur Gas project and Metro Rail Line 6.
Yasunori Takeuchi, CEO of Standard Chartered Japan, said that it’s high time for Japanese investors to invest in Bangladesh considering the higher growth potential of the country. He also mentioned the continuous growth and emerging consumer sector for Bangladesh in last one decade.
Hiroyuki Yamaya, deputy chief of mission of the Embassy of Japan, said Bangladesh has achieved tremendous growth in the last two years, attracting Japanese companies to come to Bangladesh with a view to making investment.
He also praised the government of Bangladesh for its utmost effort in bringing foreign direct investment from Japan.
Abul Kalam Azad, principal coordinator for SDG affairs at the Prime Minister’s Office, said Japan is the biggest provider of bilateral cooperation to Bangladesh. He said Prime Minister Sheikh Hasina is serious about Japanese companies, their investment and safety.
Naser Ezaz Bijoy, CEO of StanChart Bangladesh, said Japanese investors are more interested to invest in Bangladesh than in the past as there is growth potential of the economy hoping that Bangladesh will become a $500 billion economy within the next five years.
He also said Japanese investors have never been more interested to invest in Bangladesh. It is a win-win proposition as slowing growth in the developed markets and potential impact of US-China trade tensions make “a compelling case” to invest in Bangladesh, a country that offers a decade-long strong and consistent growth story, he said.
He, however, mentioned some key administrative and regulatory simplification needs to be done with the urgency for Bangladesh to realise its potential.
Md Sirazul Islam, executive chairman of the Bangladesh Investment Development Authority; Muhammad Alkama Siddiqui, CEO of the Public Private Partnership Authority, and Yuji Ando, country representative of the Japan External Trade Organisation, also spoke.
As of August this year, 300 Japanese companies were doing business in Bangladesh, a huge leap from only 82 a decade ago.