Eyes early start for trade talks

Special Correspondent:

Launching negotiations on the Economic Partnership Agreement (EPA) and Public Private Economic Dialogues (PPED) are crucial steps to improve Bangladesh’s business environment, according to Japanese Ambassador to Bangladesh Iwama Kiminori.

Ambassador Kiminori spoke at the opening ceremony of the new office of Howlader Maria & Co., Chartered Accountants (HmAC) on Wednesday, March 13, 2024. He highlighted the importance of continuous dialogue between the Japanese and Bangladeshi governments on business environment issues.

Bangladesh’s remarkable economic growth trajectory is undeniable, with a GDP per capita of $2,688 in 2022 and a projected real GDP growth rate of 6.0% between 2  and 2023 according to the World Bank.

Japan recognizes the importance of Bangladesh’s development and its role in shaping the business landscape. A growing number of Japanese companies are setting their sights on Bangladesh. Organizations like the Japan Bangladesh Chambers & Commerce of Industry (JBCCI) and JETRO Bangladesh offer valuable guidance to companies navigating the complexities of doing business in Bangladesh. Additionally, the Japanese Business Circle collaborates with the Japanese embassy to provide comprehensive support for companies venturing into Bangladesh.

Ambassador Kiminori acknowledged the delay in holding a plenary meeting last year but expressed optimism for the next round of high-level meetings. He emphasized the need for working group meetings between the Japanese embassy and its Bangladeshi counterpart, the National Board of Revenue (NBR). While a date hasn’t been set, the NBR has indicated their readiness to discuss.

“I hope this working group meeting will be held soon so we can move forward with the plenary meeting and continue discussions between the two governments on improving the investment environment,” Ambassador Kiminori said. “I believe real negotiations can begin in the near future.”

The ceremony also saw the launch of a book titled “Taxation Handbook for Investors in Bangladesh,” prepared by HmAC. The handbook aims to clarify the business landscape in Bangladesh and guide foreign investors through the available opportunities. It goes beyond simply listing rules and regulations, offering strategic insights to empower investors with the knowledge and confidence to make informed decisions.

“Understanding the various taxes and investment regulations is crucial,” Ambassador Kiminori said. “This handbook is a valuable resource for foreign businesses seeking to navigate the financial landscape in Bangladesh.”

The ceremony’s special guests included Myung-Ho Lee, President of JBCCI, and Md. Humayun Kabir FCA, Council Member & Past President of the Institute of Chartered Accountants of Bangladesh (ICAB) and chairman of its Taxation & Corporate Laws Committee. Yuji Ando, Country Representative of JETRO Bangladesh, served as the guest of honor. Maria Howlader FCA, Founder and Managing Partner of HmAC, and Mohammed Golam Sarwar FCA, Partner at the firm, were also present. HmAC hosted the ceremony at its new premises.