UNBconnect... - Japanese entrepreneurs to invest $ 400mn in B’desh’s energy sector: JBIC

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Monday, 20 May 2013

Japanese entrepreneurs to invest $ 400mn in B’desh’s energy sector: JBIC

Deal to be signed soon

Reported by: UNBconnect
Reported on: May 22, 2012 13:20 PM
Reported in: Business

Dhaka, May 22 (UNB) – Japanese entrepreneurs will invest US$ 400 million in Bangladesh to enhance capacity in the energy sector, officials said here Tuesday.

An agreement between the government and the Japanese private sector will be signed soon in this regard while another US$ 300 million investment will be added to the initial investment in the second phase.

This was informed by the visiting chief representative of Japan Bank for International Cooperation (JBIC), Fumitaka Machida, during a meeting with Industries Minister Dilip Barua at the latter’s office.

Additional Industries Secretary Mansur Ali Sikdar, JBIC Singapore office representative Shin Tanimura and senior officials of the Industry Ministry were present at the meeting.

The meeting discussed issues of mutual cooperation and JBIC investment in Bangladesh’s industrial sector.

Modernization of state-owned fertilizer factories, transferring Japanese high-tech industrial units and also investment in coal and gas based energy sector and telecommunication sector featured in the discussion.

Machida said the JBIC is interested to provide required financial and technical support for the development of Bangladesh’s industrial and energy sectors.

He also showed interest to work closely with Bangladesh in the areas of foreign direct investment, development of the SME sector, reforms in bank and financial policies, and in formulating micro-economic policy development.

The JBCI chief representative emphasized attaining capacity in supplying uninterrupted gas and electricity to attract increased foreign investment in the industrial sector of Bangladesh.

Industries Minister Dilip Barua briefed the JBIC officials about the country’s economic development.

He said Bangladesh is one of the best destinations for foreign investment and sought technological support to build a sustainable and strong industrial sector in the country.

Mentioning Japan as a tested development partner of Bangladesh, Barua sought Japanese investment in modernizing the fertilizer factories.

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