JMI Group receives USD80 million FDI from Japan

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12 Years Journey of NIPRO-JMI Joint Venture

01 June, 2022 (Wednesday), Dhaka: Bangladesh’s leading conglomerate in pharmaceuticals and medical device sector, JMI Group has completed it’s 12 years journey with NIPRO Corporation, a Japan-based leading global healthcare company. In this journey, five entities under NIPRO-JMI Joint Venture, has received 80 million US Dollar (Tk680 crore) foreign direct investment (FDI) from Japan.

To celebrate the 12-year journey, a celebration event titled, “NIPRO-JMI Joint Venture: The trend setter of Japanese equity investment in Bangladesh’s healthcare sector” held at Hotel Pan Pacific Sonargaon Dhaka on Tuesday (31 May) evening.

It was disclosed at the event that, the NIPRO-JMI Joint Venture started its business through manufacturing medical devices in 2011 and later expanded to healthcare services, pharmaceuticals and product marketing sectors. Around 5,500 employees currently work at five business entities under the joint venture initiative.

It was also said that, the manufacturing units under the NIPRO-JMI Joint Venture produce more than 100 types of healthcare products, including 25 that have been made in Bangladesh for the first time. The entities under the Joint Venture regularly export their products to more than 40 countries, including many in Asia, Europe, Middle East, South America and Africa.

Addressing the event as the Chief Guest Home Minister Asaduzzaman Khan said, “In Bangladesh most of the medical devices are import-driven, while the JMI Group as the pioneer company not only producing but also exporting medical devices. I myself use their face mask and assured you the quality of their products. I appreciate the NIPRO Corporation that they are jointly working with JMI Group for the development of Bangladesh’s healthcare sector.”

The Planning Minister M A Mannan in his speech as the Special Guest said that the country’s development has been ongoing with a structured way. That’s why the entrepreneurs in the country investing on new and sophisticated sectors like medical device manufacturing.

Japanese Ambassador to Bangladesh ITO Naoki in his speech said, “In the coming 50-year, Japan will invest more in Bangladesh like in the last 50 years. We need Japanese private investment in Bangladesh, especially private to private partnership. In this regard, the Japanese and Bangladeshi investors can follow the successful model of NIPRO-JMI. Also I wish the NIPRO Corporation will definitely invest more with JMI in Bangladesh.”

JMI Group Founder and Managing Director Md Abdur Razzaq said, “We have skilled manpower and commitment to serve the nation. All that we need is high technology, equipment and investment support.”

He also said, “We have already proved our capabilities. During the Covid crisis, our NIPRO-JMI company’s product has been used for making the mass vaccination program successful. We have so far supplied 300 million of auto-disable syringes to the government.”

Md Abdur Razzaq also urged the bankers to ensure low-interest loan for the entrepreneurs, who have come out with sophisticated medical device product manufacturing in the country.

Managing Director of NIPRO Corporation (Global Business Division) Tsuyoshi Yamazaki said, “Bangladesh is growing very fast and entered into the developing countries club. With a population of 170 million, we have wide opportunity to work for the development of Bangladesh’s Healthcare sector. Our team has visited many hospitals and clinics in Dhaka, Chittagong Rajshahi and share ideas regarding the development of healthcare sector.”

Committing to invest further in Bangladesh, Tsuyoshi Yamazaki also said, “NIPRO-JMI Joint Venture contributing remarkably in Bangladesh healthcare sector. We NIPRO Corporation committed to support any aspect to healthcare sector in Bangladesh.”

JMI Group Chairman Md Jabed Iqbal Pathan, Swadhinata Chikitshak Parishad President Dr M Iqbal Arslan and Executive Director of NIPRO-JMI Medical Kunio (Kenny) Takamido also spoke at the event, while NIPRO Corporation (Global Business Division) Advisory Board Kazuo Wakatsuki, NIPRO Corporation (Global Administration Headquarters) Director Goichi Miyazumi and NIPRO Corporation (NIPRO Brand Strategy, Global Business Division) Operating Officer Noriyoshi Iwasaki, were present, among others.