Japan’s energy diplomacy in South Asia and Bangladesh is a key component of its broader “Free and Open Indo-Pacific” (FOIP) strategy and “Partnership for Quality Infrastructure” initiative. It is argued that the strategies are intended to ensure energy security, promote sustainable growth, and enhance regional connectivity through significant Official Development Assistance (ODA) and private sector investment. Given that Japan has significantly influenced the power system roadmaps and master plans of Bangladesh through its overseas aid agency, JICA, and various corporations, including major banks. This article, however, critically explores Japan’s corporate involvement in developing Power Sector Master Plans (PSMPs), financing the Matarbari project, and implementing technologies in Bangladesh’s energy sector. Employing perspectives from international political economy (IPE) as the theoretical framework and qualitative methods, the study examines how profit-driven Japanese stakeholders often overshadow Bangladesh’s national interests, sustainability goals, environmental concerns, and social welfare. The findings indicate that corporate interests from Japan frequently outweigh local development priorities, raising concerns about energy security and socioeconomic impacts. Despite these issues, Japan remains a vital partner in Bangladesh’s energy infrastructure development. The study concludes that Japanese corporations must prioritize local interests, consider environmental impacts, and align with Bangladesh’s long-term renewable energy objectives for a more balanced growth trajectory in the energy sector.
Mahmud et al. (Sat,) studied this question.