Remove obstacles to connectivity

Bangladesh must address all impediments in connecting with other economic regions to successfully join the global supply chain and manufacturing network, according to various experts.

They were speaking at a virtual programme, styled "Showcase Bangladesh 2021: Bangladesh-Japan Investment Summit".

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The event was jointly organised by Standard Chartered and the Bangladesh Investment Development Authority (BIDA) yesterday.

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

Bangladesh must also address shortcomings in lead time and standardise foreign exchange policies, 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's 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 while letters of credit (LC) should be replaced by telegraphic transfers," Ando added.

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

Yuho Hayakawa, chief representative of the 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 Bangladeshi industries.

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

Myung-Ho Lee, general manager of the 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 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's ambassador to Bangladesh; Shahabuddin Ahmed, Bangladesh's ambassador to Japan; and Naser Ezaz Bijoy, chief executive officer of Standard Chartered Bangladesh, among others, spoke at the event.