‘Bangladesh must remove obstacles to connectivity’

Bangladesh must remove the impediments in connectivity with other regions in order to successfully join the global supply chain and manufacturing network, speakers said today.

They were speaking at a virtual programme titled "Showcase Bangladesh 2021: Bangladesh-Japan Investment Summit", jointly organised by Standard Chartered and Bangladesh Investment Development Authority (BIDA).

Addressing the event, Yuji Ando, country representative of Japan External Trade Organization (JETRO), said the issues of connectivity with other economic regions must be tackled for Bangladesh to successfully join the global supply chain and manufacturing network.

Bangladesh must address shortcomings in lead time and standardise foreign exchange policy, he said while speaking on the impediments to the flow of trade between Japan and Bangladesh.

"Time-consuming customs operations are a major bottleneck in Bangladesh international trade. Transparency in custom operations should also be improved for Bangladesh to become more integrated within the global supply chain network. Rules and regulations must be reviewed; L/Cs should be replaced by telegraphic transfer," Ando said.

Shariful Alam, vice chair of Japan Bangladesh Chamber of Commerce (JBCCI) and country chairperson at Mitsui & Co. (Asia Pacific) Pte. Ltd, said he would like to appeal for improvement in some areas such as more business-conducive permissions for branch officers, easing of acquiring L/C permissions, and lower port congestion at Chattagram port.

Yuho Hayakawa, chief representative of Japan International Cooperation Agency (JICA), said, in terms of energy, a stable supply of power must be ensured while fully taking into account the attendant environmental concerns.

Before integrating new technology, economic and financial feasibility must be considered carefully as well, Hayakawa said while speaking about sustainability and climate change in the Bangladeshi industry.

Providing efficient, transparent and investor-friendly conditions is important, he added.

Myung-Ho Lee, general manager of Mitsubishi corporation office in Dhaka, said, Bangladesh's growing domestic consumer market is certainly a lucrative arena for potential new Japanese investors.

"The key for successful investment now is to find reliable, long-term Bangladeshi local partners. Of course, strong government leadership, initiatives and timely support are also required to bolster the market," he added.

Foreign Minister AK Abdul Momen, Salman Fazlur Rahman, private sector industry and investment adviser to the prime minister; Md Sirazul Islam, executive chairman of BIDA; ITO Naoki, Japan ambassador in Bangladesh; Shahabuddin Ahmed, Bangladesh ambassador in Japan; Naser Ezaz Bijoy, chief executive officer of Standard Chartered Bangladesh and among others spoke at the event.