The number of Japanese companies operating in Bangladesh increased 10 times in the last 10 years with 269 firms currently running their businesses here.
The information came out on Tuesday at a seminar on the “Role of Corporate Governance in Investment Decision Making with Japanese Stakeholders” at a city hotel, reports BSS.International Finance Corporation (IFC), a member of World Bank Group, organized the seminar to discuss the key issues for investors and Japanese stakeholders and bring to the forefront some of the challenges faced by the private sector in implementing corporate governance.
The speakers included representatives from the investor communities, regulators, Japanese key chambers and prominent family businesses in Bangladesh.
IFC Corporate Governance Officer Lopa Rahman and Deputy Chief of Mission of the Embassy of Japan in Bangladesh Takeshi Ito delivered the vote of thanks and welcome remarks respectively.
Commissioner of the Bangladesh Securities and Exchange Commission (BSEC) Dr Swapan Kumar Bala, Japan External Trade Organisation (JETRO) Country Representative and President of Japan Bangladesh Chamber of Commerce and Industry (JBCCI) Daisuke Arai, Abdul Monem Group Deputy Managing Director ASM Mainuddin and President of the Shoo-Koo-Kai Akihisa Tomioka, among others, took part in two panel discussions of the seminar. Speaking on the occasion, Takeshi Ito said Japan is one of the largest bilateral development partners of Bangladesh.
Japan has been significantly contributing to Bangladesh’s socio-economic development since its independence with the trading relationship getting stronger and productive day by day, he added.
“Number of Japanese companies is 269 presently, increased 10 times in 10 years. To attract more Japanese investment, it is crucial that Bangladesh prioritizes issues such as corporate governance and a more investment friendly environment,” he opined.Lopa Rahman said the seminar was organized as part of IFC’s continuous commitment to support companies and investors across the globe by strengthening governance structures and increasing transparency and accountability.
“Improving corporate governance in family owned enterprises adds to their sustainability and increases their ability to attract further investment,” she added.
JBCCI Secretary General Tareq Rafi Bhuiyan Jun and IFC Senior Corporate Governance Officer Sanaa Abouzaid moderated the two panel discussions on “Challenges of Family Business in Improving Corporate Governance Practices in Bangladesh” and “Corporate Governance Practices in Bangladesh-Investor Perspective”.