Japan is eyeing private investment of up to 1 trillion yen (approximately $6 billion) in Bangladesh over the next five years as Japanese Prime Minister Sanae Takaichi hosted her Bangladeshi counterpart, Tarique Rahman, in Tokyo on Tuesday. Rahman is on his first visit to Japan since being elected in February.

In a joint statement, Takaichi and Rahman welcomed Bangladesh’s efforts to promote foreign direct investment, citing “a projection of upcoming private investment from Japan to Bangladesh up to one trillion yen with two hundred thousand jobs to be created in Bangladesh by the investment from Japan in the next five years.”The two leaders also agreed to expand cooperation in energy security and supply chains, according to the statement. Earlier, the two prime ministers addressed a joint news conference.

“Japan will strongly support Bangladesh’s autonomy and resilience,” Takaichi told Rahman, according to Kyodo News. She added that Japan “looks forward to contributing to regional peace and prosperity.”“The partnership between Bangladesh and Japan has been built on decades of friendship, trust, and mutual respect. Today, we have an opportunity to take this relationship to new heights. I warmly invite Japanese investors, businesses, and financial institutions to explore the opportunities Bangladesh has to offer and be part of our next phase of growth,” Rahman said.

Bangladesh is seeking investment and low-interest loans from Japan as it faces economic hardship, particularly following conflicts in the Middle East.

The two sides reaffirmed their commitment to “further enhance bilateral security cooperation” amid an “increasingly uncertain geopolitical environment,” the statement said. They also welcomed theg and entry into force of an agreement concerning the transfer of defense equipment and technology.

Safe repatriation of Rohingya On the Rohingya issue, the joint statement said Takaichi and Rahman remain “concerned by the worsening crisis in Myanmar and its impact on regional security, displacement of all people, including the Rohingya, and the increase in transnational crimes.”They shared the view that the “ultimate solution to the Rohingya crisis is to realize a voluntary, safe, dignified and sustainable return of the displaced persons, including the Rohingya to Myanmar,” it added.

Takaichi and Rahman reiterated their commitment to promoting sustainable peace, security and stability in the Middle East.

They emphasized the need for early de-escalation, as well as the “urgent and full re-opening of the Strait of Hormuz and the safe, secure and unimpeded transit of all vessels… without any additional costs,” the statement said.

They also recognized the strategic importance of maintaining peace and stability in the Red Sea and the Bab el-Mandeb Strait for global energy security and the uninterrupted flow of goods.

Japan is Bangladesh’s largest bilateral development partner and a major export destination, with trade between the countries totaling around $4 billion.

The two countries upgraded ties to a strategic partnership in 2023. In their joint statement, the prime ministers highlighted the development of economic cooperation under the partnership in infrastructure, energy, human resource development, trade and investment.

Earlier this month, the two countries signed an agreement to begin recruiting Bangladeshi workers starting next April, offering new opportunities for Bangladeshi workers in Japan with legal protections.