Tarique Rahman’s Japan visit: New prospects for investment and development

The relations between Bangladesh and Japan are a shining example of long-standing friendship, mutual trust and development cooperation.

Since independence, Japan’s contribution to Bangladesh’s infrastructure development, industrialization, technology transfer, human resource development and trade expansion has been very important.

After independence, Japan recognized Bangladesh on February 10, 1972.

The next day, February 11, formal diplomatic relations were established between the two countries. Bangladesh-Japan relations were further consolidated under the leadership of Shaheed President Ziaur Rahman.

He visited Japan in April 1978 and on July 8, 1980.

During his tenure, important initiatives were taken to expand trade, economic cooperation and communication systems. The role of former Prime Minister Begum Khaleda Zia was important.

She visited Japan in 1994 and 2005. Her state visit in 2005, in particular, is notable in the history of economic and infrastructural cooperation between the two nations. One of the important topics of the visit was the development of a modern public transport system to alleviate traffic congestion in Dhaka.

Khaleda Zia sought cooperation from the Japan Development Cooperation Agency in launching a metro rail and underground public transport system in Dhaka. She also sought Japan’s cooperation in the construction of the Padma Bridge and the development of Bangladesh’s power sector.

Another memorable event of the 2005 visit was the laying of the foundation stone of the Shaheed Minar of Bangladesh in Tokyo. This initiative was important in highlighting the history of the language movement and the cultural identity of Bengalis on Japanese soil.

To understand the importance of Prime Minister Tarique Rahman’s visit to Japan, it is necessary to take into account the overall political, economic and institutional situation of the country at the time the current government assumed office.

The main features of the Awami League government’s rule from 2009 to 2024 were the curtailment of democracy and voting rights, human rights violations, disappearances and extrajudicial killings, corruption, money laundering, irregularities and looting in the banking sector, undermining the independence of the judiciary, interference in the freedom of the media, partisanship of administration and state institutions, and extreme abuse of power. In the field of foreign policy, national interests and the ability to make independent decisions could not be properly protected.

In the field of economy, the impact of various irregularities and weaknesses of the past has also been highlighted in various studies and reports.

Defaults in the banking sector, financial irregularities, unlimited money laundering, uncertainty in investment, and institutional weaknesses have put great pressure on the overall economy.

The country’s huge wealth being siphoned off abroad has weakened the foundation of the economy, reduced investment capacity, and led to instability in financial management. The July 2024 mass uprising marked a turning point in Bangladesh’s political history.

A year and a half later, Tarique Rahman took charge of this complex and fragile economic situation through a fair election. In this situation, his government has to fulfill the difficult task of restoring economic stability on the one hand, and re-establishing public trust in state institutions on the other.

The main challenges before the government now are to restore order in the economy, restore confidence in the banking sector, control corruption and irregularities, improve the investment environment, and create new employment opportunities. In this reality, the Prime Minister is working with special emphasis on economic recovery and expanding international cooperation.

After assuming office, economic cooperation, attracting investment, and strengthening Bangladesh’s international position have gained special importance in Tarique Rahman’s diplomatic activities.

His visits to Malaysia, China, and the United States before his visit to Japan are also part of this series of diplomatic initiatives.

As part of this continuity, Prime Minister Tarique Rahman’s visit to Japan from October 26 to 29, 2026, carries special significance.

During his visit to Japan, Prime Minister Tarique Rahman held a meeting with the country’s Prime Minister, Sanae Takaichi.

The meeting discussed taking the long-standing friendly relations between the two countries to new heights as well as expanding cooperation in trade, investment, energy, technology and human resource development.

The issue of utilizing Japanese investment and technical assistance in line with Bangladesh’s development priorities received special importance in the discussions.

In particular, the possibility of making Japanese cooperation more effective in industrial and energy infrastructure development, metro rail expansion, third terminal of HazratShahjalal International Airport and deep seaport-related development activities centered on the Matarbari-Moheshkhali region was discussed.

One of the important frameworks of Bangladesh’s development cooperation with Japan is the ‘Bay of Bengal Industrial Growth Belt’ or Big-B initiative.

Its aim is to accelerate regional economic growth through the development of Bangladesh’s industrialization, communication system and economic zones.

Such initiatives with Japan are a real reflection of the investment and employment that the government is prioritizing under the leadership of the Prime Minister.

During the visit, discussions and agreements were made on increasing the participation of the private sector in addition to various government-level loans, grants and development cooperation initiatives.

New investment opportunities are being created by increasing the contact between Bangladeshi businessmen and industrialists with Japanese institutions.

In particular, investment potential of about 6.3 billion US dollars has emerged through various cooperative initiatives, including 17 MoUs, between the private sectors of the two countries.

If these investments are implemented, employment opportunities for about 200,000 people can be created in the next five years.

Experts believe that Japanese investment can play a significant role in creating quality employment opportunities, especially for the country’s young population, and in enhancing technical skills in the industrial sector.

Japan is one of the most technologically advanced and industrialized countries in the world.

The country’s experience in productivity, efficiency, quality, transport management, and energy technology is very valuable for Bangladesh.

In this regard, creating opportunities for joint ventures, technology transfer, and employee skill development between the companies of the two countries will strengthen the economy of Bangladesh in the long term.

An important development in the economic relations between Bangladesh and Japan is the Economic Partnership Agreement or EPA initiative.

Such agreements create opportunities for trade expansion, market access and investment climate improvement between the two countries.

If Prime Minister Tarique Rahman’s government can utilize this opportunity, the country’s export earnings will increase and the pace of industrialization will accelerate. Bangladesh’s biggest asset is its huge young population.

To transform this population into skilled human resources, it is necessary to increase technical education, language training, technology education and employment-based cooperation with Japan.

In addition to expanding opportunities for Bangladeshi workers in the Japanese labor market, there is potential for job creation in Japanese-invested industries in the country.

In addition, cooperation between Bangladesh and Japan will be important in finding a sustainable solution to the Rohingya crisis, addressing the impacts of climate change, and establishing regional peace and stability.

Shaheed President Ziaur Rahman solidified the foundation of this relationship, and it took on a broader and multidimensional form during the time of former Prime Minister Begum Khaleda Zia.

Prime Minister Tarique Rahman’s visit to Japan has opened the door to new possibilities by linking that relationship with the current economic and strategic realities.

For today’s Bangladesh, restoring economic stability, increasing domestic and foreign investment, accelerating industrialization, and creating employment for the vast youth population are of great importance.

In this regard, Japan’s long-standing development cooperation, advanced technology, industrial management, and investment experience can be important assets for Bangladesh.

Especially if the proposed investment, technology transfer, infrastructure development, and human resource development initiatives are properly implemented, opportunities for positive change will be created in the country’s economy.

(The writer is the Additional Press Secretary to the Prime Minister)