Japanese Economic Zone to go into production next year: envoy

Factories in the Japanese Economic Zone in Araihazar upazila of Narayanganj will go into production next year, said Ito Naoki, Japanese ambassador to Bangladesh.

Naoki made the remarks today while paying a courtesy call on Md Jashim Uddin, president of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI).

He said Bangladesh would be a major destination for Japanese entrepreneurs to invest in future.

"The interest of Japanese companies is increasing, especially around the Araihazar economic zone. There is an opportunity to further develop the economy of Bangladesh by utilizing this interest."

However, Naoki called upon the authorities concerned to make the investment-friendly environment in the country.

Restriction on overseas remittance from branches, limitation in loans for working capital, restriction on royalty remittance, overdue payment, delay of LC, collection of additional income taxes and VAT, renewal of bond license and, the wage gap between inside and outside EPZ etc are creating barriers to the investments, he added.

However, Jashim assured that FBCCI would work sincerely with the government to solve these problems.

He said more than a hundred Japanese companies have been doing business in Bangladesh for many years. Besides, Japan is one of the major partners of Bangladesh in development projects, he added.