Explanation for waiver of condition no. 8

Date: 04th December 2022 The Director (Commercial) Bangladesh Investment Development Authority (BIDA) Prime Minister's Office People’s Republic of Bangladesh E-6/B, Agargaon, Sher-e-Bangla Nagar, Dhaka 1207, Bangladesh. Subject: Explanation for waiver of condition no. 8 of BIDA Branch Office permission letter Dear Sir, We are very pleased to introduce ourselves that TOA CORPORATION is a Japan-based company that has a Branch office in Bangladesh by taking permission from BIDA (Ref No: OPN-03Nov2019-00001) on 05 January 2020. Recently we have extended our office permission (Ref No: OPE-11Sep2022-00002) which is effective from 15.11.2022 and issued on 16 October 2022. Unfortunately, we have got a negative report from Bangladesh Bank for not having updated Office permission. Now we want to re-apply for waiver of condition no. 8 of BIDA Branch Office permission letter with the new office permission. It is mentionable that, TOA CORPORATION is working on Land Development works for Bangladesh Special Economic Zone under Foreign Direct Investment Promotion Project (FDIPP); Bangabandhu Sheikh Mujib railway Bridge Construction Project and Construction of Production Facility for Singer Bangladesh Ltd. at Bangladesh Special Economic Zone at Araihazar, Narayanganj. TOA corporation earns profit locally in the last financial year (01 April 2020 to 31 March 2021) and the net profit after tax was BDT. 13,37,95,868.00 And the amount was fully earned locally. So, we need the exemption of condition no. 8 of the BIDA Branch Office permission letter. Therefore, it is highly requested to send take the necessary action to provide the approval of waiver of condition 8 in pursuance to condition 9 of the permission letter. Sincerely yours, 🗸 ______________________ Mitsuhiro Torii General Manager Bangladesh Office TOA CORPORATION