According to officials, Japan has suggested building a port and transportation infrastructure in the area to develop an industrial hub in Bangladesh with supply chains to Nepal and Bhutan in addition to the landlocked northeastern provinces of India.
It comes after the Japanese Prime Minister’s visit to India last month, during which he promoted the notion of a new industrial hub for northeast India and the Bay of Bengal that may support growth in the region of 300 million people, which is now impoverished.
Following the visit of the Japanese prime minister, his government authorized funding Bangladesh with US$1.27 billion for three infrastructure projects, one of which being the construction of a new commercial port in the Matarbari region with connections to neighboring landlocked Indian states like Tripura and wider global markets.
In reference to the industrial hub proposal at a meeting of Indian, Bangladeshi, and Japanese officials in Agartala, the capital of the Tripura state, that “it can be a win-win plan for India and Bangladesh,” Japanese ambassador said.
He predicted that the deep seaport would likely be completed by 2027 and would be essential to creating an industrial hub linking the main city of Bangladesh, Dhaka, to India’s landlocked regions.
At the meeting, the federal minister for northeast India welcomed the Japanese initiative. According to the minister of state for foreign affairs of Bangladesh, it will increase trade between Bangladesh and India and encourage investment from Japan and other nations.
The proposed Matarbari project will provide Bangladesh’s first deep-sea port with the capacity to accommodate large vessels.
According to the head of Asian Confluence, Tripura state, roughly 100 kilometers from the proposed seaport, might serve as a gateway for regional exporters.
More than 300 Japanese companies are already operating in Bangladesh, according to the ambassador of Japan. According to him, both countries are set to finalize an economic partnership agreement that might boost manufacturing and draw in more international companies.
According to a government statement, the Prime Minister of Bangladesh will visit Japan from April 25 to 28 at the invitation of the Japanese Prime Minister.