Bangladesh, Japan sign six MoUs

Bangladesh and Japan on Friday signed six Memoranda of Understanding (MoUs) on economic, investment, and other cooperation on the third day of Chief Adviser Professor Muhammad Yunus's ongoing visit to Japan.

Prof Yunus witnessed the signing of the MoUs on the sidelines of a seminar titled Bangladesh Business Seminar in Tokyo, his Deputy Press Secretary Abul Kalam Azad Majumder said.

The first MoU involves the Japan Bank for International Cooperation (JBIC) and the Energy and Mineral Resources Ministry of Bangladesh.

The MoU is expected to strengthen cooperation between JBIC and Bangladesh to implement projects in the energy sector, Azad said.

The second MoU was signed between ONODA Inc and Bangladesh SEZ Ltd for a land lease contract at BSEZ.

ONODA has implemented a gas meter installation project initiated by JICA and is planning to engage in new assembly manufacturing, inspection, and maintenance of gas meters at the factory in BSEZ.

The third MoU involves Bangladesh Naxis Co. Ltd and Bangladesh SEZ Ltd for a land lease contract at BSEZ.

Bangladesh SEZ Ltd (BSEZ) and Bangladesh Naxis Co. Ltd (Naxis) will sign a land sublease agreement. Naxis plans to manufacture apparel accessories at the factory in BSEZ.

The fourth MoU involves Glafit and Musashi Seimitsu Industry, Glafit, and the Bangladesh Investment Development Authority (BIDA) on support for setting up a factory for battery-powered bicycles and an electric motorcycle manufacturing plant.

The fifth MoU involves Cipher Core Co. Ltd, which is investing $20 million in its Bangladesh venture to launch a national pilot project for information security based on Complete Cipher Technology developed by award-winning inventor Takatoshi Nakamura.

The project aims to make Bangladesh a quantum-resilient digital economy, with exclusive rights granted to the local entity for technology deployment and global expansion.

The sixth MoU involves the Japan International Cooperation Agency (JICA) and BIDA.

This MoU confirms JICA's commitment to provide technical and in-kind support for the early-stage development of the Integrated Single Window Platform (ISWP).

This platform is a BIDA-led initiative to consolidate the various one-stop services currently operated by different investment promotion agencies across Bangladesh.

Speaking at the signing ceremony, Chief Adviser Professor Muhammad Yunus congratulated all parties involved.

“Now it is our task to implement. I am moved,” he said.

Reflecting on the situation Bangladesh faced over the past 16 years, the Chief Adviser said the country experienced continuous challenges, likening them to earthquakes that left nothing intact.

“In this situation, a good friend came up... and that friend is Japan. I came here to thank you and design the next step,” he said.

Calling the challenge historical, the Chief Adviser said, “We want to show the history that it was done, done in a perfect way.”

“We have kind of tightened our belt and said, ‘Here we are to work.’ With your support, it is doable."

“Let’s put our hands together and execute it... it's not about making money. It’s about changing people’s lives,” he added.

Shinji Takeuchi, Parliamentary Vice-Minister of Economy, Trade and Industry (METI), noted at the event that the number of Japanese companies operating in Bangladesh now exceeds 300—three-fourths higher than 10 years ago.

Norihiko Ishiguro, Chairman and CEO of the Japan External Trade Organisation (JETRO), delivered the welcome speech, where Fumiya Kokubu, Chairman of the Japan Bangladesh Committee for Commercial and Economic Cooperation (JBCCEC) and Director, Member of the Board, Executive Corporate Advisor at Marubeni Corporation, also spoke.