'Cut red tape, customs delays to attract more Japanese FDI'

Bangladesh needs to improve the cumbersome approval procedures, delays in customs clearance, restrictions on customs duties and relaxation on rules for inward remittances for attracting more Japanese investment in the country, the Japanese envoy to Bangladesh said today.

In particular, delays in letter of credit (LC) payments are often encountered in Bangladesh, which increases the financial and time burden on companies, said Iwama Kiminori, the Japanese ambassador in Bangladesh.

Immediate action should be taken in this field, he said.

"I hope these remaining problems should continuously be addressed in the course of the next round of meeting so that we could find the improvement of the situation in the near future," Kiminori said at a seminar on national budget 2023-24.

The Japan Bangladesh Chamber of Commerce and Industry (JBCCI) in collaboration with Japan External Trade Organisation (Jetro) organised the seminar at Sheraton Dhaka hotel.

Diplomats, businessmen of Bangladesh and Japan, economists, exporters and importers also attended the seminar.