Tarique Rahman’s Grand Vision for Bangladesh: From Toyota Factory to Bullet Trains
· BD24 Live
Prime Minister Tarique Rahman has called upon Japanese businesspeople and investors to develop Bangladesh into a ‘Global Manufacturing Hub’. He stated that new investment opportunities have emerged in Bangladesh by leveraging its young workforce, large consumer market, and growing economic potential.
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He made this call on Wednesday (October 28) while delivering the keynote address at the Bangladesh-Japan Economic Forum Dialogue at the Japan External Trade Organization (JETRO) office in Tokyo, Japan.
At the beginning of his speech, the Prime Minister expressed gratitude, recalling Japan’s contribution as one of the first countries to recognize Bangladesh after its independence. He stated that Japan holds a special place in the hearts of the Bangladeshi people. For a long time, Japan has been one of Bangladesh’s key development partners.
Highlighting Bangladesh’s economic potential to Japanese businesspeople and investors, Tarique Rahman said that a market of over 180 million people and a young, skilled workforce are Bangladesh’s greatest assets. He mentioned that the average age of the country’s population is 27 years, and 40,000 to 50,000 students graduate with engineering degrees each year.
The Prime Minister said that Bangladesh could become the world’s ninth-largest consumer economy by 2030. He also highlighted the potential for the country’s Gross Domestic Product (GDP) to exceed one trillion US dollars by 2034, based on a growing middle class.
The Prime Minister cited the Economic Partnership Agreement (EPA) signed between the two countries as a new horizon for Bangladesh-Japan economic relations. According to him, while the partnership between the two countries began with development cooperation, it is now time to further advance the relationship through trade and investment.
Tarique Rahman stated that approximately 350 Japanese companies are currently operating in Bangladesh. However, Japan’s direct foreign investment in Bangladesh is still below 500 million US dollars. In the last fiscal year, Bangladesh’s exports to Japan amounted to 1.36 billion dollars. Conversely, Bangladesh imported 2.16 billion dollars worth of goods from Japan, he added.
Plans for Toyota Factory and Technology Park
Highlighting the potential for investment in Bangladesh’s automobile manufacturing sector, the Prime Minister welcomed Toyota’s plan to commence full production by 2029. He assured full cooperation from the government for the implementation of this initiative.
The Prime Minister called for Japanese investment in the energy sector, including liquefied natural gas (LNG) infrastructure, gas-based power generation, and renewable energy. He also outlined plans for establishing a Bangladesh-Japan Technology Park focusing on artificial intelligence, cloud computing, robotics, and electronics manufacturing.
In the communication and rail sector, he announced plans to develop a nationwide high-speed elevated rail network connecting major cities including Dhaka, Chittagong, Sylhet, Rajshahi, Khulna, and Barisal.
The Prime Minister also urged Japanese companies to invest in the agro-processing sector. He stated that industries are being established according to Japanese standards in the Bangladesh Special Economic Zone (BSEZ) in Araihazar, Narayanganj. Sumitomo Corporation is undertaking the development work for the zone.
Assurance to Address Investor Concerns
Tarique Rahman informed that the government is working to address the concerns of Japanese investors regarding uninterrupted energy supply, improved infrastructure, customs exemptions, and the predictability of the tax system.
Referring to the long-standing friendly relations between the two countries, he said that Bangladesh aims to further strengthen trade and investment ties for the next 30 to 50 years. The government’s goal is to move beyond development cooperation and build long-term partnerships in manufacturing, technology, energy, and infrastructure sectors.
Increased Japanese investment could create opportunities for job creation, technology transfer, and the expansion of export-oriented industries in Bangladesh. However, the real benefits of these plans will depend on investment implementation, infrastructural readiness, and ensuring a business-friendly environment.
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