Commerce Minister Tofail Ahmed yesterday said Bangladesh’s export to Japan will exceed $2bn within the next three years as the country allows for duty-free access of everything except ammunition and hand gloves. The minister came up with the comment after a view exchange meeting with Japanese Ambassador to Bangladesh, Masato Wantanabe, at his office yesterday. Senor Commerce Secretary Hedayetullah Al Mamoon was present during the meeting. Japan is a big development partner of Bangladesh and the export to its market has doubled in the last five years, Tofail said, adding that export to the country will cross $2bn by next three years. According to the Export Promotion Bureau (EPB), in the FY2014-15, Bangladesh earned $915.22m from Japan while it imported products of $1.51bn from the country. The export earnings showed over 6% growth in FY2014-15. Currently, Bangladesh exports apparel products, shrimp, leather and leather products, jute and jute goods. Japan is a non-traditonal market for Bangladeshi exporters especially for the RMG manufacturers. Bangladesh’s RMG exports to the country has seen a 14% rise in the last financial year. According to the EPB data, export earning from the RMG sector dominates the export and it stood at $652.55m, which is 71.3% of the total export. Lands will be allocated for the Japanese investors to establish Special Economic Zone in Chittagong as there are already 230 Japanese companies doing business here, the minister said. Japan would provide $6bn for Matarbari Power Project, Tofail mentioned. Following the meeting, Japanese Ambassador Masato Wantanabe said: “There is a huge potential of investment in Bangladesh, we are waiting for Special Economic Zone, which will help boost Japanese investment here.” There is a huge demand for Bangladeshi apparel products, leather and leather products in the Japanese markets, which will continue to spike, said Masato. Bangladesh needs strong infrastructure and improved transportation system for higher economic growth, he suggested. The year 2014 was a remarkable year for both Japan and Bangladesh as Prime Minister Sheikh Hasina and Japanese Premier Shinzo Abe visited each other’s countries, the Japanese envoy said, addi
