Japan planning to invest $6.36 billion in private-sector of Bangladesh

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Japan plans to arrange 1 trillion yen, equivalent to around $6.36 billion, in private-sector investments in Bangladesh over the next five years, according to a report by the Nikkei newspaper on Thursday.

Japanese Prime Minister Sanae Takaichi is expected to host Bangladesh Prime Minister Tarique Rahman for a summit in Japan later this month. The report said a joint statement following the meeting would mention the investment arrangement.

The planned investments are expected to support automobile and other manufacturing industries, as well as the development of energy facilities.

The initiative is also expected to involve companies operating in the Bangladesh Special Economic Zone, which is being developed by several parties, including Japanese trading company Sumitomo Corporation.

Reuters said it could not immediately verify the report.

The dollar-yen conversion cited in the report was $1 to 157.19 yen.