Bangladesh expects ‘smooth’ rollout of Japan’s BIG-B initiative

Bangladesh is expecting a ‘smooth’ rollout of the Japan’s Bay-of-Bengal Industrial Growth Belt (BIG-B) initiative which is the ‘centrepiece’ of Tokyo’s cooperation in Dhaka.

Senior Correspondentbdnews24.com
Published : 3 Dec 2016, 08:06 PM
Updated : 3 Dec 2016, 08:06 PM

Foreign Minister Abul Hassan Mahmood Ali on Saturday said they were also hoping that the initiative would “contribute further towards economic benefits for both the countries.”

“As an Asian neighbour, and as a close friend, Bangladesh takes great pride in Japan’s position as one of the leading economies in the world. Japan stands out as a model and as an inspiration for many countries, including Bangladesh,” he said. 

He was speaking at a reception hosted by Japanese Ambassador Masato Watanabe in Dhaka on the occasion of the birthday of the Japanese Emperor.

Japanese Prime Minister Shinzo Abe has floated the BIG-B concept as part of his grand design of combining the two oceanic regions – Pacific Ocean and Indian Ocean – for more geo-political space to boost its economy.

He termed it as the ‘centrepiece’ of cooperation in Bangladesh and promised $6 billion loan for four to five years during Sheikh Hasina’s visit in 2O14 and said these were all under Japan’s BIG-B concept.

The largest Bay in the world, Bay of Bengal forms the north-eastern part of the Indian Ocean. Bangladesh is located in the north of this Bay.

Abe had also mentioned three dimensions of the BIG-B concept.

One is to promote infrastructure improvement for industrial development, second is to create better environment for investments and last to promote improved solidarity and unity in the region including Bangladesh.

Specifically, he had said that improvement of transportation and infrastructure, stable supply of power and energy, urban development including special economic zone improvement, and also public sector development including improved market access to the financial market were the key to the BIG-B concept.

The foreign minister said he hoped that the initiative would have a smooth rollout.

He also hoped that Japan would continue to be a “trusted partner” in the government’s endeavour to become a middle income country by 2021 and a developed country by 2041.