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Bangladesh and Japan have signed six bilateral cooperation instruments and pledged two yen-loan projects worth about US$295.5 million, expanding ties in maritime security, investment, agriculture, fisheries, skills development and climate change.
The outcomes came during Prime Minister Tarique Rahman’s four-day official visit to Japan from October 26 to 29 at the invitation of Japanese Prime Minister Sanae Takaichi, Deputy Press Secretary Shahadat Shadhin said.
The six signed instruments include a grant agreement worth up to 2.12 billion Japanese yen ($13.44 million) to provide a patrol vessel to Bangladesh to strengthen its maritime security capabilities.
The other instruments cover economic relations and improvement of the business environment, agricultural cooperation, employment and skills development, fisheries and livestock, and climate change cooperation.
The two governments also pledged yen loans of 15.88 billion yen ($100.8 million) to improve the investment environment and 30.68 billion yen ($194.7 million) for the second phase of the Upazila Governance and Development Project.
The two loan pledges total 46.56 billion yen, equivalent to around $295.5 million.
Under the maritime security grant, Japan will provide a patrol vessel to the Bangladesh Coast Guard to enhance its capacity to combat maritime crimes and respond to maritime incidents and natural disasters.
A memorandum on economic relations and improving the business environment was signed between Japan’s Ministry of Economy, Trade and Industry and Bangladesh’s Economic Relations Division under the Ministry of Finance.
The agreement aims to strengthen bilateral economic ties and create more favourable conditions for trade, business and investment.
The agricultural cooperation instrument, signed by Japan’s Ministry of Agriculture, Forestry and Fisheries and Bangladesh’s Ministry of Agriculture, seeks to deepen collaboration and attract investment in the sector.
A separate instrument between the Japanese ministry and Bangladesh’s Ministry of Fisheries and Livestock aims to promote trade, investment, technology exchange and capacity building in fisheries and livestock.
The two countries also signed a letter of intent on climate change cooperation between Japan’s Ministry of the Environment and Bangladesh’s Ministry of Environment, Forest and Climate Change.
Another instrument seeks to strengthen cooperation in skills development and employment opportunities for Bangladeshi workers in Japan.
The pledged loan for improving the investment environment is expected to support initiatives to make Bangladesh more attractive to domestic and foreign investors, while the second loan will help strengthen local governance and development at the upazila level.
The agreements complement broader understandings reached at a bilateral summit between Tarique Rahman and Takaichi at the Japanese Prime Minister’s Office on October 27.
At the summit, the two leaders agreed to upgrade the Bay of Bengal Industrial Growth Belt (BIG-B) initiative into a broader strategic cooperation framework titled “BIG-B for Shared Prosperity”.
During his visit, Tarique Rahman also met Japanese political leaders, business representatives and development partners to explore further opportunities for investment, technology transfer, skills development and economic cooperation.
The visit is scheduled to conclude on October 29.