Dhaka – The Bangladeshi government has urged Japanese companies to explore investment opportunities in specific sectors to translate the long-standing bilateral ties between the two countries into a stronger trade and investment partnership.

Prime Minister Tarique Rahman, who is now on a four-day official visit to Japan, made the call to Japanese businesses to invest in automotive manufacturing, energy, technology and space cooperation, rail and logistics, and agro-processing sectors.

"I invite Japanese companies to explore five key areas for future cooperation and business opportunities for mutual benefits," he said while delivering the keynote speech at the Bangladesh-Japan Economic Forum Dialogue at JETRO Hall in Tokyo on Wednesday.

The Prime Minister said around 350 Japanese companies operate in Bangladesh, while Japanese direct investment in the country remains below US$500 million.

He stressed the need to take Japan-Bangladesh relations to a new height beyond development cooperation, saying that Bangladesh's exports reached $1.36 billion in the past financial year while imports from Japan were $2.16 billion.

Recalling the long-standing friendship between the two countries, Rahman said Japan was among the first countries to recognize Bangladesh in February 1972 and had remained its largest development partner for more than five decades.

He also recalled the contributions of his parents, President Ziaur Rahman and late Prime Minister Khaleda Ziam who visited Japan several times and helped deepen bilateral relations.

"Today, I want to speak about the next 30-50 years of partnership and collaboration," he said.

The Prime Minister said Bangladesh and Japan had signed an Economic Partnership Agreement (EPA) this year, the first such agreement Bangladesh had concluded with any country.

Under the agreement, 7,379 Bangladeshi products will enjoy duty-free access to Japan, while Japanese goods, including steel, automotive parts, and electronic components, will receive preferential access to Bangladesh.

He highlighted Bangladesh's market of more than 180 million people, its young and energetic workforce with a median age of 27, and its growing middle class as major advantages for investors.

He said Bangladesh was expected to become one of the world's top 10 consumer economies by 2030.

Identifying automotive manufacturing as the first priority, Rahman welcomed Toyota's plan, conveyed earlier this month, to begin work on a vehicle manufacturing facility in Bangladesh, with full production targeted by 2029. He assured the company of the government's full support.

In the energy sector, he invited Japanese companies to invest in liquefied natural gas (LNG) infrastructure, efficient gas-fired power generation, and renewable energy.

He said Bangladesh had short-, medium-, and long-term plans for gas, electricity, and the wider energy sector, and urged Japanese firms to explore the opportunities, noting that Bangladesh was working closely with JERA.

On technology and space cooperation, the premier said Bangladesh was planning to establish a Bangladesh-Japan Technology Park, including an innovation-focused information technology park covering artificial intelligence, cloud computing, robotics, and electronics manufacturing, with the involvement of Japanese companies, universities, and investors.

He said the two countries also had significant potential for cooperation in space technology. Bangladesh wanted to strengthen its space capabilities and was keen to explore mutually beneficial collaboration with Japanese institutions, drawing on Japan's experience in space science, technology, and satellite engineering.

The Prime Minister identified rail and logistics as another priority, saying Bangladesh planned to build a nationwide elevated high-speed rail network connecting major cities, including Dhaka, Chattogram, Sylhet, Rajshahi, Khulna, and Barishal.

"We plan to build a national network master plan, develop passenger and freight demand analysis, route prioritization, and feasibility studies. We will very much welcome Japanese institutions to invest in this critical and priority initiative," he said.

In agro-processing and manufacturing, the Prime Minister invited Japanese companies to explore food-processing opportunities in Bangladesh, which produces a wide variety of crops, fruits, and vegetables.

The Prime Minister said Bangladesh was working to address concerns raised by Japanese companies about reliable energy, efficient infrastructure, and predictable customs clearance and taxation.

The Bangladesh-Japan Economic Forum Dialogue was organized by the Japan External Trade Organization (JETRO) in cooperation with the Japan-Bangladesh Committee for Commercial and Economic Cooperation (JBCCEC), with support from the Bangladesh Embassy in Japan.

JETRO President Susumu Kataoka delivered the opening remarks, while Japan's Parliamentary Vice-Minister of Economy, Trade and Industry Shinji Wakayama addressed the event as a guest speaker.

Toyota Factory Visit

The Prime Minister on Thursday visited Toyota's Motomachi factory in Nagoya, Japan, as part of his four-day visit.

During the visit, the Prime Minister, accompanied by his wife Zubaida Rahman, toured the factory and observed its vehicle assembly process, said his Deputy Press Secretary Shahadat Shadhin.

Senior Toyota officials, including Toyota Motor Corporation CEO for South Asia Masahiko Maeda, Toyota Tsusho Corporation CEO for Mobility Division Shigeru Harada, and Chief Operating Officer Shinichiro Otsuka were present during the visit.

Civil Aviation and Tourism Minister M Rashiduzzaman Millat, State Minister for Power, Energy and Mineral Resources Aninda Islam Amit, Adviser on Posts, Telecommunications and Information Technology, and Science and Technology Rehan Asif Asad, Prime Minister's Special Assistant for Overseas Employment in the Asia-Pacific region Md Shakirul Islam Khan, Additional Press Secretary Atikur Rahman Rumon, and Research Officer Abdus Sattar Patwary, among others, were present during the visit.