27 Jan 2022, 20:22

Japanese EZ to go into production next year

   DHAKA, Jan 27, 2022 (BSS) - Japanese Ambassador to Bangladesh Ito Naoki
today said factories in Araihazar Economic zone, dedicated for Japanese
entrepreneurs, will start production next year.

  Ito Naoki shared this information with President of Federation of
Bangladesh Chambers of Commerce and Industry (FBCCI) Md Jashim Uddin at a
meeting at FBCCI in the city, said a press release.

  Ito Naoki said that Bangladesh would be a major destination for Japanese
entrepreneurs to invest in the future.

  The interest of Japanese companies is increasing, especially around the
Araihazar economic zone, he added.

  He said there is an opportunity to further develop the economy of
Bangladesh by utilizing this interest.

  However, Ito Naoki called for making the investment environment friendlier.

  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,
wage gap between inside and outside EPZ etc are creating barriers to the
investments, he added.

  Md Jasim Uddin 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.

  Moreover, he said, with the economic development, the lifestyle of the
people of Bangladesh has been upgraded.

  As a result, the size of the domestic market has also increased, he added.

  He said the popularity of Japanese products in this country is also
relatively high.

  Therefore, he said, Japanese companies investing in Bangladesh are more
likely to be profitable.

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