PM’s visit and Bangladesh-Japan bilateral trade

Being the single biggest development partner, Japan’s contribution has helped solidify the functional wings of Bangladesh’s economy

Japan has been long 48-year old development partner of Bangladesh. Ever since Bangladesh achieved her independence way back in 1971, Japan steadily and steadfastly has been upholding Bangladesh’s compelling cause of infrastructural development over the decades irrespective of parties in power. The landmark of this authenticated bilateral friendship happens to be the increasingly accelerating speed of Japanese official aids and loan packages for Bangladesh. Prime Minister Sheikh Hasina’s recent visit to Japan is expected to take this strongly bonded relation to an enviable elevation.

Hasina’s first visit after she came to power in three successive terms will herald an epoch-making era in switching Bangladesh to a specially-growing economic zone standing on surest infrastructural foundation. Foreign Minister MA Abdul Momen while briefing the newsmen said that during this on-going visit the Prime Minister is expected to sign the 40th ODA (Official Development Assistance) with her counterpart Shinzo Abe to facilitate 2.5 billion official loan package. This loan is 35% higher than any of the previous ones. Most of the loan money will be spent for five projects involving power, investment, metro rail, port development and energy efficiency.

Being the single biggest development partner of Bangladesh, Japan’s contribution in development efforts of Bangladesh, as has been said earlier, has helped solidify the functional wings of our economy that was almost completely destroyed after 1971. It is also worth mentioning here that along with ODA. Japan has been extending its assistance package to Bangladesh over the decades through its Aid agency JAICA. In a word, Bangladesh owes a great deal to Japan for its economic revival and resurrection. It might have not been possible on the part of Bangladesh to stand economically on sound footing just from the scratches within so short a time.

Specifically speaking, the five projects which were scheduled to be signed during Prime Minister’s stay in Japan are: Matarbari Port Development Project(1), Dhaka Mass Rapid Transit Development Project(Line-1), Foreign Direct Investment Project, Energy Efficiency and Conservation Promotion Financing Project (phase-II) and Matarbari ultra-super critical coal-fired power project. According to experts, all these projects if finished as per schedule will obviously turn the wheel of the economy of Bangladesh in a fantastic fashion. With her decades-old development assistance, Japan has become a comprehensive development partner of Bangladesh in all possible sectors of economy.

It is evidently noticed that Japan has been gradually expanding its cooperation in energy, communication and power. Upon completion these projects will give Bangladesh an extra-mileage towards industrialization. It may be mentioned here that cooperation has been expanding since 2008 and it has been accelerating after 2011.

The latest landmark of bilateral cooperation between Japan and Bangladesh is obviously Japan-Bangladesh Friendship hospital which when completed will go a long way in treating cancer patients with the most modern facilities. Under the tri-party deal signed among Japan Green Hospital Inc Ltd, Aichi Hospital Ltd and Ethics Advanced Technology Ltd of Bangladesh, Japan will offer tk. 2000 crore in upgrading and embellishing the proposed Friendship Hospital. In the backdrop of increasing number of cancer patients in Bangladesh, this would definitely be a milestone in facilitating the sophisticated facilities in cancer treatment in Bangladesh.

Japanese assistance and cooperation is a time-tested Friendship denominator and it has time and again been proved that Japan has been our staunch ally in the exclusive matters of building a sustainable economy. In terms of remittance flow from Japan as of April 2018-2019 financial year it stood 3.39 according to a report of Bangladesh Bank. Although the volume of remittance is not as per expectation, it is obviously not for Japanese Government’s reluctance that is back-paddling the process. Rather, massive and intensive diplomatic efforts on the part of Bangladesh government are urgently needed to make a dramatic breakthrough which experts say quite possible.

Apart from economic cooperation, both Bangladesh and Japan are historically, culturally, religiously and socially bonded together. According to Professor Nara, one of the earliest evidences of close contacts between Bangladesh and Japan dates back to four hundred years when Japanese fine artists carried back to Japan one of the widely used color from Bengal- still known in Japan as Bengaru (Bengal) color. Besides, Buddhism migrated to Japan from this land. Again, the food habits of both Bangladesh and Japan are very much similar. People of both nations love rice and fish. Further, the landscape features of Bangladesh and Japan are similar since river, sea and greenery are evidently striking landmarks common in both countries. Our Nobel-Laureate poet Rabindranath Tagore visited Japan six times in the twentieth century.

All these topographical as well as cultural adhesives together have cemented the century-old ties of two countries to a ferro-concrete basement. After the independence of Bangladesh, Japan’s increasing economic cooperation for war-ravaged Bangladesh has taken the already fortified relation to an enviable position. With the signing of 2.5 billion deal during Prime Minister Sheikh Hasina’s current visit, Bangladesh-Japan tie has certainly reached a higher plateau.          

        

 The writer is a contributor to

 The Independent

 

PMs visit and Bangladesh-Japan bilateral trade

Being the single biggest development partner, Japans contribution has helped solidify the functional wings of Bangladeshs economy

Japan has been long 48-year old development partner of Bangladesh. Ever since Bangladesh achieved her independence way back in 1971, Japan steadily and steadfastly has been upholding Bangladeshs compelling cause of infrastructural development over the decades irrespective of parties in power. The landmark of this authenticated bilateral friendship happens to be the increasingly accelerating speed of Japanese official aids and loan packages for Bangladesh. Prime Minister Sheikh Hasinas recent visit to Japan is expected to take this strongly bonded relation to an enviable elevation. Hasinas first visit after she came to power in three successive terms will herald an epoch-making era in switching Bangladesh to a specially-growing economic zone standing on surest infrastructural foundation. Foreign Minister MA Abdul Momen while briefing the newsmen said that during this on-going visit the Prime Minister is expected to sign the 40th ODA (Official Development Assistance) with her counterpart Shinzo Abe to facilitate 2.5 billion official loan package. This loan is 35% higher than any of the previous ones. Most of the loan money will be spent for five projects involving power, investment, metro rail, port development and energy efficiency. Being the single biggest development partner of Bangladesh, Japans contribution in development efforts of Bangladesh, as has been said earlier, has helped solidify the functional wings of our economy that was almost completely destroyed after 1971. It is also worth mentioning here that along with ODA. Japan has been extending its assistance package to Bangladesh over the decades through its Aid agency JAICA. In a word, Bangladesh owes a great deal to Japan for its economic revival and resurrection. It might have not been possible on the part of Bangladesh to stand economically on sound footing just from the scratches within so short a time. Specifically speaking, the five projects which were scheduled to be signed during Prime Ministers stay in Japan are: Matarbari Port Development Project(1), Dhaka Mass Rapid Transit Development Project(Line-1), Foreign Direct Investment Project, Energy Efficiency and Conservation Promotion Financing Project (phase-II) and Matarbari ultra-super critical coal-fired power project. According to experts, all these projects if finished as per schedule will obviously turn the wheel of the economy of Bangladesh in a fantastic fashion. With her decades-old development assistance, Japan has become a comprehensive development partner of Bangladesh in all possible sectors of economy. It is evidently noticed that Japan has been gradually expanding its cooperation in energy, communication and power. Upon completion these projects will give Bangladesh an extra-mileage towards industrialization. It may be mentioned here that cooperation has been expanding since 2008 and it has been accelerating after 2011. The latest landmark of bilateral cooperation between Japan and Bangladesh is obviously Japan-Bangladesh Friendship hospital which when completed will go a long way in treating cancer patients with the most modern facilities. Under the tri-party deal signed among Japan Green Hospital Inc Ltd, Aichi Hospital Ltd and Ethics Advanced Technology Ltd of Bangladesh, Japan will offer tk. 2000 crore in upgrading and embellishing the proposed Friendship Hospital. In the backdrop of increasing number of cancer patients in Bangladesh, this would definitely be a milestone in facilitating the sophisticated facilities in cancer treatment in Bangladesh. Japanese assistance and cooperation is a time-tested Friendship denominator and it has time and again been proved that Japan has been our staunch ally in the exclusive matters of building a sustainable economy. In terms of remittance flow from Japan as of April 2018-2019 financial year it stood 3.39 according to a report of Bangladesh Bank. Although the volume of remittance is not as per expectation, it is obviously not for Japanese Governments reluctance that is back-paddling the process. Rather, massive and intensive diplomatic efforts on the part of Bangladesh government are urgently needed to make a dramatic breakthrough which experts say quite possible. Apart from economic cooperation, both Bangladesh and Japan are historically, culturally, religiously and socially bonded together. According to Professor Nara, one of the earliest evidences of close contacts between Bangladesh and Japan dates back to four hundred years when Japanese fine artists carried back to Japan one of the widely used color from Bengal- still known in Japan as Bengaru (Bengal) color. Besides, Buddhism migrated to Japan from this land. Again, the food habits of both Bangladesh and Japan are very much similar. People of both nations love rice and fish. Further, the landscape features of Bangladesh and Japan are similar since river, sea and greenery are evidently striking landmarks common in both countries. Our Nobel-Laureate poet Rabindranath Tagore visited Japan six times in the twentieth century. All these topographical as well as cultural adhesives together have cemented the century-old ties of two countries to a ferro-concrete basement. After the independence of Bangladesh, Japans increasing economic cooperation for war-ravaged Bangladesh has taken the already fortified relation to an enviable position. With the signing of 2.5 billion deal during Prime Minister Sheikh Hasinas current visit, Bangladesh-Japan tie has certainly reached a higher plateau. The writer is a contributor to The Independent