Bangladesh Economic Zones Authority (Beza) is focusing on making five economic zones fully functional within the next two years in order to attract $5.5 billion in investments and create over 2 lakh job opportunities.
The economic zones are National Special Economic Zone, Sylhet Economic Zone, Jamalpur Economic Zone, Maheshkhali Economic Zone, and Japanese Economic Zone.
Chowdhury Ashik Mahmud Bin Harun, executive chairman of Beza, shared the targets at a press briefing at the Bangladesh Investment Development Authority yesterday.
The country does not need 100 economic zones right now and actually this is not viable financially and technically to set up all of them, said Chowdhury Ashik Mahmud Bin Harun, executive chairman of Beza
The country does not need 100 economic zones right now and actually, this is not viable financially and technically to set up all of them, he said.
“If we can fully start running 10 economic zones in the next 10 years, it is enough to fulfil the main goal of creating economic zones,” he said.
“Especially, if we can start national special economic, Japanese and Jamalpur economic zone, it will make it easier to create more economic zones in the future,” said Ashik.
After long consultations with stakeholders, Beza took the decision to provide necessary infrastructure and utility services at the five economic zones which have drawn the highest demand, he said.
Another five economic zones are also being assessed for development in the next phase, he said.
These five are the Chinese Industrial Economic Zone, Sabrang Tourism Park, Chandpur Economic Zone, Kurigram Economic Zone and Kushtia Economic Zone, he added.
The rest of the economic zones will be utilised in other ways, for instance, for solar power generation, said Ashik.
Beza is also taking steps to open jute mills and sugar mills that have been shut down in the remaining economic zones. As utility services are available there, it will be easier to attract investors, he said.
“To make Beza truly investment-friendly, it is our commitment to implement the time-bound plans,” he said.
Investors who have acquired land but have not been able to start operations are being encouraged to launch industries, said Ashik.
“If these investors are unable to start development work, they are requested to return the land to Beza,” he said.
“I think if Beza can implement its plan to make five economic zones fully functional, this experience will be helpful to take good steps in future while coordinated steps is necessary from all the department of the government,” he added.
Ashik also said Korean Export Processing Zone (KEPZ) would be brought under the jurisdiction of Beza. Afterwards, carrying out its activities will be made easier, he said, adding that some official formalities remain to be completed.
Regarding private economic zones, he said Beza would soon press the government to ensure utility services there.
Ensuring utility connections was a promise the government made when it allowed the private sector to set up the economic zones, he said.