Japanese companies have invested over $20 billion in ASEAN nations. It is Bangladesh’s turn now
It is welcome news that the number of Japanese companies working in Bangladesh has more than tripled since 2008.
With major companies like Honda Motor Co, Rohto Pharmaceutical Co, and Ajinomoto Co looking to Bangladesh for our promising domestic market, our economy will no doubt get a boost, along with an increase in job prospects.
The move is an indicator that Bangladesh is becoming an attractive destination for foreign companies, with rising labour costs in China giving us a competitive edge.
With larger companies expanding with the hopes that the domestic market will grow, Bangladesh can surely take advantage of such a circumstance — our GDP has already doubled over the past five years, to that end.
Bangladesh must signal to the world that we are the place to invest, and foreign companies are always welcome here. With a median age of 26.3 and a population of nearly 160 million, Bangladesh has a sizeable, job-hungry youth population.
The fact that Japanese investors are keen on doing business here also shows the strength of the relationship the two nations share, and our ability to be an attractive place for investment even in the face of tragedies like the Holey Artisan attack last year.
Bangladesh must now become a place that other countries feel confident about in terms of business, and this means reducing the various barriers to investment.
Japanese companies have invested over $20 billion in ASEAN nations. It is Bangladesh’s turn now — with a large market and relatively cheap labour, we can offer what other countries can’t.
Dhaka Tribune, September 22, 2017