Bangladesh To Enjoy Duty Free Markets of Japan Under The Condition Of Improving Business Environment

By: Asia Business Outlook Team | Friday, 05 May 2023

Dhaka, according to Japanese Ambassador to Bangladesh Iwama Kiminori, needs two key initiatives to address the challenges that will face it after it graduates from LDC status in 2026.

To enjoy duty-free market access to Japan, the country must improve its investment and business environment and sign the proposed Economic Partnership Agreement (EPA), according to the envoy.

Long approval procedures, bureaucratic red tape, and duties, he said, were the main barriers to attracting Japanese investment.

He noted that neighbouring Southeast and South Asian countries have a more welcoming investment environment than Bangladesh, and as a result, Japanese entrepreneurs see them as better places to invest.

According to local media, the Bay of Bengal Industrial Growth Belt (BIG-B) would accelerate industrial activities and turn Matarbari into a hub, benefiting not only neighbouring countries but also Bangladesh.