Japan is set to arrange private-sector investments worth 1 trillion yen, or approximately $6.36 billion, in Bangladesh over the next five years, with automobiles, manufacturing and energy infrastructure expected to receive priority.

According to a report by Japan’s Nikkei newspaper, cited by Reuters on Thursday, the investment arrangement is expected to be formalised during an upcoming summit between Japanese Prime Minister Sanae Takaichi and Bangladesh Prime Minister Tarique Rahman in Japan.

The proposed investment will focus on expanding automobile production and other manufacturing industries, alongside the development of energy facilities.

Japanese companies are also expected to participate in the Bangladesh Special Economic Zone, which is being developed with the involvement of Japanese trading house Sumitomo Corporation.

The initiative is aimed at strengthening economic cooperation between the two countries and encouraging Japanese companies to expand their business operations in Bangladesh.

Prime Minister Tarique Rahman is scheduled to visit Japan from October 26 to 29, with trade, investment and economic partnership expected to feature prominently in discussions.

Bangladesh has been seeking increased Japanese investment in transport, technology, energy, manufacturing and other priority sectors to accelerate industrialisation, create employment opportunities and boost exports.

However, Reuters said it could not immediately independently verify the Nikkei report.