Eastern Bank Ltd yesterday set up the EBL Japan Business Desk as part of its efforts to attract Japanese entrepreneurs and make their investment journey to Bangladesh smooth.

EBL is the first local lender to have established the desk for Japanese investors, a development that may speed up the flow of foreign direct investment from the East Asian nation.

The desk will be a one-stop service designed for Japanese companies and individual investors.

In a recent survey carried out by the Japan External Trade Organisation (Jetro), more than 60 per cent of Japanese companies operating in Bangladesh have expressed eagerness to expand, said Ito Naoki, ambassador of Japan to Bangladesh, at the launch of the desk at the EBL head office in Dhaka.

"Bangladesh has shown rare example of resilience in bouncing back from the coronavirus pandemic, and the World Bank has forecast 6 per cent plus GDP growth for 2022," he said.

Japan has already invested more than $6.5 billion in Bangladesh to implement various projects through the Japan International Cooperation Agency.

The projects include the Dhaka Metro Rail, the Matarbari power plant, the deep sea port, and the third terminal of the Hazrat Shahjalal International Airport.

Some 315 Japanese companies are now in operation in the country.

Ali Reza Iftekhar, managing director of EBL, said that Japan believes in improving regional connectivity through infrastructure development.

"Japan has brought in the same philosophy to help transform Bangladesh's infrastructure landscape and contribute to our growth journey," he said at the event.

Ahmed Shaheen, deputy managing director of the bank, told The Daily Star that Japanese firms would be able to open both foreign and local currency accounts easily through the desk.

The officials employed at the desk will be well-versed in Japanese language to give the businesses from the country additional comfort, he said.

"We will cater loans to Japanese investors, helping them run businesses with utmost confidence."

Shaheen went on to express hopes that FDI flow from Japan would go up significantly as an economic zone was now being built for Japanese investors at Araihazar in Narayanganj.

As of June this year, FDI from Japan stood at $412 million.

Yuji Ando, country representative of the Jetro, and senior officials of several Japanese companies also attended the programme.