StanChart unveils guidebook for Japanese investors
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Standard Chartered Bangladesh has unveiled a guidebook to help Japanese businesses explore investment opportunities in the country and operate.
The local operations of the London-based emerging-markets lender introduced the guidebook styled “Doing business in Bangladesh” at an event titled “Rising Tides” at the Westin Dhaka hotel on Thursday.
The publication offers readers information in both Japanese and English.
“Now is the high time for Japanese investors to invest in Bangladesh thanks to the country’s higher growth potential,” Yasunori Takeuchi, CEO of Standard Chartered Japan, while addressing the event.
“We have seen much progress of the economy of Bangladesh in the last one decade.”
StanChart is playing a leadership role in enabling and facilitating trade and investment across the vital Bangladesh-Japan corridor.
In order to deliver a seamless experience for Japanese businesses in Bangladesh, the bank has set up a dedicated Japan-Bangladesh Desk.
In 2018, the bank facilitated a landmark transaction between a Japanese and Bangladeshi company, which represents the single largest foreign private investment into Bangladesh and the single largest consumer sector acquisition in Bangladesh to date.
StanChart is also the mandated account bank for major Japan-funded megaprojects such as Matabari Coal Power Plant, Kanchpur Meghna Gumti 2nd Bridge Project and MRT Line 6.
Takeuchi also said the consumer market of Bangladesh is emerging, encouraging Japanese retailors to come here.
Takeuchi said Standard Chartered has been giving support to Japanese companies for the last 139 years and is awaiting to celebrate the 140th anniversary in 2020.
Hiroyuki Yamaya, deputy chief of mission of the Embassy of Japan, said Bangladesh has achieved tremendous growth in the last two years, attracting Japanese companies to come to Bangladesh with a view to making investment.
Even, Japan has focused the rapid growth of Bangladesh’s economy in its latest development strategy.
He also praised the government of Bangladesh for its utmost effort in bringing foreign direct investment from Japan.
Abul Kalam Azad, principal coordinator for SDG affairs at the Prime Minister’s Office, said Japan is the biggest provider of bilateral cooperation to Bangladesh.
He said Prime Minister Sheikh Hasina is serious about Japanese companies, their investment and safety.
Naser Ezaz Bijoy, CEO of StanChart Bangladesh, said Japanese investors are more interested to invest in Bangladesh than in the past as there is growth potential of the economy.
“We are optimistic that Bangladesh will become a $500 billion economy within the next five years,” he said, adding that working age groups account for around half of the country’s total population. He said the legal guarantee for foreign investors at least in paper is better in Bangladesh compared to many other countries.
Bijoy said Japan and Bangladesh enjoy special relationship which has stood the test of time. However, some key administrative and regulatory simplifications are urgently needed to realise its full potential.
Md Sirazul Islam, executive chairman of the Bangladesh Investment Development Authority; Muhammad Alkama Siddiqui, CEO of the Public Private Partnership Authority, and Yuji Ando, country representative of the Japan External Trade Organisation, also spoke.
As of August this year, 300 Japanese companies were doing business in Bangladesh, a huge leap from only 82 a decade ago.
Source: https://www.thedailystar.net
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