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Japan has agreed to provide over $1 billion to Bangladesh mostly to support its upcoming budget and upgrading its railway infrastructure after Dhaka has sought Tokyo’s assistance in building ‘a new Bangladesh’. 

The two countries on Friday signed ‘exchange notes’ under which Tokyo will provide $1.063 billion to Dhaka as support for budget, railway development, and as grants after a bilateral meeting between Bangladesh interim government chief adviser Professor Yunus and Japanese prime minister Shigeru Ishiba in Tokyo.  

‘Prime minister Ishiba reiterated Japan’s full support to the Bangladesh interim government led by Professor Yunus for its nation-building efforts, its reform initiatives, and its endeavor towards a peaceful transition in Bangladesh,’ said a joint press release issued in Tokyo. 

The two sides also signed six Memorandums of Understanding on economic, investment and other cooperation on the third day of the ongoing visit of Yunus to Japan on Friday.

The chief adviser witnessed the signing of the MoUs on the sidelines of a seminar titled ‘Bangladesh Business Seminar’ in Tokyo later on the day.

‘Now it is our task to implement. I am moved,’ said Professor Yunus while speaking at the signing ceremony.

‘Of the total amount, Japan will provide 418 million dollars as Development Policy Loan for Bangladesh’s economic reforms and climate resilience,’ said a press release of the chief adviser’s press wing. 

It said that Tokyo would also lend 641 million dollars to upgrade the Joydevpur-Ishwardi rail track into a dual-gauge double railway track and another 4.2 million dollars as grants for scholarships.

Recalling the long-standing friendship since the independence of Bangladesh, both sides in the meeting reaffirmed their commitments   to the strategic partnership between the two countries.

In the bilateral talks, the two Asian leaders also reiterated their shared vision for a free and open Indo-Pacific region to ensure peace, stability and shared prosperity for all.

Both sides reiterated their commitment to further strengthening political and security cooperation, including early delivery of five patrol boats to Bangladesh Navy under Japan’s Official Security Assistance.

They welcomed that the two governments agreed in principle on the agreement concerning the ‘Transfer of Defense Equipment and Technology’, and expressed their hope for early conclusion of the deal, according to the joint press release.

At a roundtable in Tokyo later on the day, where some top executives of Japanese companies with significant business interests in Bangladesh, the chief adviser sought the support of Japanese companies to build the ‘New Bangladesh’ that he aimed for and urged them to invest more in the country.

Yunus said that they had been building things piece by piece over the past 10 months and that’s where Japan’s support was extremely helpful.

Professor Yunus said that Bangladesh got a ‘sign of life’ with the departure of the autocratic regime and sought a ‘breathing space’ to fix the mess.

He said that the shortcomings that Bangladesh had now would soon be over.

‘We hope that will be a matter of the past,’ he said.

Norihiko Ishiguro, Japan External Trade Organization chair and chief executive officer, said that Bangladesh had seen remarkable growth and investment opportunities in recent years.

Fumiya Kokubu, chair of the Japan Bangladesh Committee for Commercial and Economic Cooperation, and director, member of the board, and executive corporate adviser, Marubeni Corporation, said that 85 per cent of the Japanese companies having business in Bangladesh hope the Economic Partnership Agreement would be signed this year.

He also expected a reform in tax regulations.

Shinichi Saida, ambassador of Japan in Bangladesh, said that the most significant item that the interim government protected was the economy — no project was halted, and no businesses were suspended.

The budget support will come as a ‘soft loan’.

The first MoU involved the Japan Bank for International Cooperation and the energy and mineral resources ministry of Bangladesh to strengthen cooperation in Bangladesh’s energy sector, the second MoU was between ONODA Inc and Bangladesh SEZ Ltd for a land lease contract to BSEZ while the third MoU involved Bangladesh Naxis Co Ltd and Bangladesh SEZ Ltd also for a land lease contract to BSEZ.

ONODA has implemented a gas meter installation project initiated by JICA and is planning to do new assembly manufacturing, inspection and maintenance of gas meters at the BSEZ factory.

Bangladesh SEZ Ltd and Bangladesh Naxis Co Ltd will sign a land sublease agreement. Naxis plans to manufacture apparel accessories at the BSEZ factory.

The fourth MoU involved Glagit and Musashi Seimitsu Industry Glafit and the Bangladesh Investment Development Authority on support for setting up a factory for battery-run cycles and an electric motorcycle manufacturing plant.

The fifth MoU involved Cipher Core Co Ltd, which is investing $20 million in a national pilot project for information security based on Complete Cipher Technology by award-winning inventor Takatoshi Nakamura, said the release.

The project aims to make Bangladesh a quantum-resilient digital economy, with exclusive rights granted to the local entity for technology deployment and global expansion.

The sixth MoU involved the Japan International Cooperation Agency and BIDA, confirming that JICA would provide technical and in-kind support for the early-stage development of the Integrated Single Window Platform.

Shinji Takeuchi, parliamentary vice-minister of economy, trade and industry, noted at the event that the number of Japanese companies operating in Bangladesh exceeded now 300, three-fourths higher than 10 years ago.

Norihiko Ishiguro, chair and CEO, Japan External Trade Organisation, delivered the welcome speech where Fumiya Kokubu, chair of Japan Bangladesh Committee for Commercial and Economic Cooperation, also spoke on the occasion.

Both sides in the bilateral meeting hailed the signing of the ‘Exchange of Notes for the Development Policy Loan for Economic Reform and Strengthening Climate Change Resilience’, and the loan for the ‘Project for the Construction of Dual Gauge Double Line Between Joydebpur-Ishurdi Section (I)’, said the joint press release.

Prime Minister Ishiba commended Bangladesh for temporarily sheltering the forcibly displaced persons from Rakhine State, Myanmar. 

Both sides shared the view that a sustainable, safe, voluntary, and dignified repatriation of the displaced persons to Myanmar is the ultimate solution to this crisis for peace and stability across the region.