Bangladesh, Japan sign six MoUs

In a significant step towards bolstering bilateral ties, Japan and Bangladesh today formalized six Memorandums of Understanding (MoUs), focusing on enhanced cooperation across economic and investment sectors. The signings took place during Chief Adviser Professor Muhammad Yunus’s ongoing visit to Japan, on the sidelines of the “Bangladesh Business Seminar” in Tokyo.

Key Agreements Signed

The MoUs underscore a commitment to strategic collaboration in critical areas:

• Energy Sector Development: The Japan Bank for International Cooperation (JBIC) and Bangladesh’s Ministry of Energy and Mineral Resources signed an MoU to strengthen cooperation in realizing energy sector projects in Bangladesh.
• Industrial Land Lease: ONODA Inc and Bangladesh SEZ Ltd (BSEZ) executed a land lease contract within BSEZ. ONODA plans to establish a factory for the assembly, inspection, and maintenance of gas meters, building on a prior JICA-initiated gas meter installation project.
• Apparel Accessories Manufacturing: Bangladesh Naxis Co. Ltd and Bangladesh SEZ Ltd (BSEZ) also entered into a land lease agreement for BSEZ. Naxis intends to manufacture apparel accessories at its factory within the zone.
• Electric Vehicle Manufacturing: Glajet and Musashi Seimitsu Industry Glafit partnered with the Bangladesh Investment Development Authority (BIDA) to support the establishment of factories for battery-operated cycles and electric motorcycles.
• Quantum-Resilient Digital Economy: Cipher Core Co. Ltd committed $20 million to a Bangladesh venture. This investment will launch a national pilot project for information security, utilizing the Complete Cipher Technology developed by award-winning inventor Takatoshi Nakamura. The initiative aims to position Bangladesh as a quantum-resilient digital economy, granting exclusive local rights for technology deployment and global expansion.
• Integrated Single Window Platform: The Japan International Cooperation Agency (JICA) and BIDA signed an MoU for JICA to provide technical and in-kind support for the early development of the Integrated Single Window Platform (ISWP). This BIDA-led platform will consolidate various investment promotion agencies’ one-stop services across Bangladesh.

Chief Adviser Professor Muhammad Yunus expressed his congratulations to all parties involved, emphasizing the immediate task of implementation. He reflected on Bangladesh’s challenges over the past 16 years, acknowledging Japan as a crucial partner in recovery and future development. “Let’s put our hands together and execute it… it’s not about making money. It’s about changing people’s lives,” Professor Yunus stated, highlighting the transformative potential of these collaborations.

Shinji Takeuchi, Parliamentary Vice-Minister of Economy, Trade and Industry (METI) of Japan, noted the growing Japanese business presence in Bangladesh, with over 300 companies now operating, representing a three to fourfold increase in the past decade.

The ceremony also featured remarks from Norihiko Ishiguro, Chairman and CEO of the Japan External Trade Organization (JETRO), and Fumiya Kokubu, Chairman of the Japan Bangladesh Committee for Commercial and Economic Cooperation (JBCCEC).