Refayet Ullah Mirdha

Daylong Dhaka summit begins on Bangladesh-Japan economic relations

Kazushige Nobutani, president of the Japan External Trade Organisation (Jetro), is scheduled to come to Bangladesh today along with Yasutoshi Nishimura, minister for economy, trade and industry of Japan. Their visit is aimed at discussing the Economic Partnership Agreement (EPA) the two countries plan to ink in order to promote trade and investments. In an email interview with The Daily Star, Nobutani spoke about investment opportunities in Bangladesh for Japanese firms and challenges the face, among other issues.

It all started in early 2008 when the Japanese government announced the “China Plus One Strategy” to cut its over-reliance on the manufacturing behemoth by setting up business operations in other countries.

Experts blame dearth of skilled employees, managers locally

Bangladesh and Japan will soon discuss the findings of a joint study on signing the proposed Economic Partnership Agreement (EPA) for furthering trade and investment between the two countries.

Bangladesh will again urge the US for duty-free access as the tariff imposed on exports from the country is one the highest faced by goods entering the western nation, according to Senior Commerce Secretary Tapan Kanti Ghosh.

Senior Commerce Secretary Tapan Kanti Ghosh says

The slowdown in the global economy stemming from the fallout of Covid-19 and the Russia-Ukraine war sent merchandise shipment to the United States from Bangladesh lower in the just-concluded fiscal year.

The settlement of trade with India in the rupee will offer some benefit to exporters as this is expected to protect them from currency conversion loss and save time, according to a number of business people.

A meeting between the commerce secretaries of Bangladesh and India is likely to be held in Dhaka next month to review the progress towards signing a comprehensive economic partnership agreement (Cepa) to increase bilateral trade and investment.

Preparations are underway by a board which would hold an election in Dhaka on July 31 to form the top management of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) for the 2023-25 term. 

The introduction of the Indian currency in settling transactions of bilateral commerce will cut Bangladesh’s reliance on the US dollar and deepen two-way trade, said a top chamber yesterday.  

Apparel exporters are anticipating that the next six months will be challenging for the garment industry in Bangladesh as they receive fewer work orders from international buyers amid inflationary pains and depressed customer sentiments.

Apart from garment items, some non-traditional products played a vital role in gaining export earnings for Bangladesh even amid the global economic slowdown in the previous fiscal year.

Exports fetched a record $55.56 billion in fiscal 2022-23 amid challenging conditions at home and abroad, in what can be viewed as one of the few bright sparks in the economy at present.

Bangladesh is yet to reap the full benefit from the much-talked central effluent treatment plant (CETP) at the Savar Tannery Industrial Estate (STIE) despite spending more than Tk 500 crore and waiting for nearly a decade.

Bangladesh’s shipment to Russia fell nearly 30 per cent year-on-year to $432 million in July-May of the outgoing financial year owing to the difficulty in supplying goods to a country at war with Ukraine. 

Rawhide traders and farmers at the grassroots level are expected to receive better prices from the sale of animal skins during the upcoming Eid-ul-Azha as the business outlook for leather and leather goods for 2023 is still bright despite the lingering uncertainty at home and abroad. 

Local garment suppliers will have to focus on making apparels wholly from recycled materials by 2030 as the H&M is going to abide by a European Union (EU) due diligence law on protecting the environment and human rights. 

Cotton consumption in Bangladesh will grow in the marketing year of 2023-24 on the back of a rebound in work orders from international clothing retailers and brands, according to the United States Department of Agriculture (USDA).