Under this project, low interest financing and technical assistance will be provided to organizations and industrial entrepreneurs working in agro-based business development
The Japan International Cooperation Agency (Jica) will implement a food value chain development project at a cost of about Tk882 crore (11.218 billion Japanese yen) to process agricultural products and expand agribusiness in Bangladesh.
Under this project, low interest financing and technical assistance will be provided to organizations and industrial entrepreneurs working in agro-based business development, food processing and food security, said an Industries Ministry press release on Sunday.
As a result, the release said, it will be possible to strengthen the initiative to provide safe and quality food as well as achieve the goals 1, 2 and 8 of the Sustainable Development Goals (SDGs).
Jica Bangladesh Office Chief Representative Yuho Hayakawa made the remarks during a virtual meeting with Industries Minister Nurul Majid Mahmud Humayun on the day.
Additional Secretary of the Industries Ministry Begum Parag, Senior Assistant Secretary of the ministry Md Salim Ullah, Senior Representative of JICA Bangladesh Office Koji Mitomori, Program Advisor Ryuichi Katsuki, Program Officer Md Mehdi Hasan, Chief Executive Officer of Bangladesh Infrastructure Finance Fund Limited (BIFFL) SM Anisuzzaman, among others, connected the online meeting.
At the meeting, Yuho Hayakawa said the recent economic growth has led to an increase in demand for quality and safe food both domestically and abroad. As a result, quality protection and development of the food value chain has become urgent at every stage of food production, he added.
Humayun said Jica has been making significant contributions to the development of infrastructure, modernization of technical training and development of food and food related industries in Bangladesh.
He said Jica could come up with innovative projects to diversify the products of state-owned sugar mills.
Humayun said the Ministry of Industries would extend all possible support for the speedy implementation of the food value chain development project adopted to improve the quality of food industry in Bangladesh.
This project will make a positive contribution to the development of Bangladeshi food industry through the transfer technology and the establishment of world-class food industry factories in this country, he added.
He hoped that this would strengthen the opportunities for export of halal and quality food products by meeting the domestic demand.