Japan is Attracted by Bangladesh’s Heavy Industry Expansion, Including Textile Manufacturing

Mainichi Japan reports that local companies in Bangladesh are aggressively diversifying into heavy machinery industries, offering a new window of opportunity for world and Japanese manufacturers in a promising Asian country (Bangladesh has a population of some 160 million).

Auto, electronics, textile manufacturers from Japan rush into this expanding and growing market with an effort to establish the necessary platform and start grabbing market shares.

The textile sector of the country has been one of the main industries prospering and showing constant growth throughout the last decade.

As Bangladesh has been seeing annual economic growth of around 6 percent in the recent years and its government is seeking development of industrial clusters by setting up special economic zones.

Hoping to beat foreign rivals in establishing a presence in the promising market, a Japanese economic delegation led by the government-backed Japan External Trade Organization, known as JETRO, visited Bangladesh in February. Officials from about 40 Japanese companies including electronics, auto parts and textile manufacturers took part in the program, reflecting Japanese firms' growing interest in the country's cheap labor and economic growth.

Some of the officials who visited the country cited concerns about lagging infrastructure development, but voiced hope for business potentials arising from gaining a foothold before more companies from around the world come into the market.

Source: Mainichi Japan