Bangladesh’s readymade garment exports to Japan have gone up 14 per cent in the last financial year. Earnings from exports to Japan grew six per cent in financial year 2014-15. Japan is of Bangladesh big development partner and wants to invest in special economic zones. There are already 230 Japanese companies doing business in Chittagong SEZ. Especially, Bangladesh is looking for investments in the composite textile industry or value-added products such as suits, tents and school bags, where local investment had been negligible.
There is a huge demand for Bangladeshi apparel products, leather and leather products in the Japanese markets, which is expected to keep rising. Currently, Bangladesh exports apparel products, shrimp, leather and leather products, jute and jute goods. Exports to Japan will exceed $2 dollars within the next three years as the country allows duty-free access of everything except ammunition and hand gloves.
Bangladesh wants Japan to import more clothing items from Bangladesh and take Bangladesh’s share in the country’s total imports to be atleast 10 per cent. It favors such a step by Japan as that would also help in minimising the huge trade gap that currently exists in favor of Japan.