TOA Corporation, a world-renowned Japanese engineering company, plans expansion of its operations in Bangladesh.
The 113-year-old company established its branch office in Bangladesh in 2020 as part of its expansion plan.
Since then, the company has remained engaged in land development works for Bangladesh Special Economic Zone Development under Foreign Direct Investment Promotion Project (FDIPP).
Known as the Japanese Economic Zone, it is a project under Japan’s Official Development Assistance (ODA).
Separately, TOA is contributing in Bangladesh to the Bangabandhu Sheikh Mujib Railway Bridge Construction Project as a joint venture with other two Japanese companies- Obayashi Corporation and JFE Engineering Corporation.
According to the Japan External Trade Organization (JETRO), a total of 321 Japanese companies are currently operating their businesses in the country. The number was 83 in 2010.
Talking to BSS, General Manager of TOA Corporation Bangladesh Office Mitsuhiro Torii expressed his interest to contribute not only to Japan’s ODA projects but also other infrastructure development projects.
He said as Bangladesh is a vastly populated country there are diversified business scopes here and those are attracting many investors to come and expand their business.
He urged the government to reduce the trade barriers, including complicated taxation system, high tax rate and high import and export tariff, and simplify the administrative system for inviting the foreign investors to invest in Bangladesh aggressively.
Torii stated that in order to run and expand business in Bangladesh, they need to acquire collaborations and supports from various local companies of Bangladesh and they will appreciate it if such companies communicate with them and extend their hands to support them.
In business relationship sharing, concrete, accurate and transparent information is imperative and this improves the bonding to sustain in long run, he added.
He thanked the Bangladesh government for its strong efforts to ensure effective and strong security measures after the terrorist attack in Holey Artisan.
Deputy General Manager of the TOA Corporation Bangladesh Office Kazuo Tachi said Japan was one of the earliest countries to officially recognize Bangladesh and warm friendship has developed between the peoples of the two countries ever since; with Japan being the biggest bilateral development partner in the history of Bangladesh and the economic relations between the two nations is continuously growing and this is the main reason why Japanese companies are investing in Bangladesh.
He also said Bangladesh has been implementing several mega infrastructure projects to accelerate the growth of international trade, targeting to graduate from the grouping of the least developed countries (LDC) and this is imperative to be an advanced economy by 2041.
Since its establishment in 1908, TOA Corporation is engaged especially in marine works for harbours and related facilities, dredging and reclamation work, and construction of coastline buildings, airports, marine leisure facilities, warehouses for distribution, factories, and power plants.