BEZA approves establishment of 97 economic zones across Bangladesh: executive chairman

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Shaikh Yusuf Harun, the executive chairman of the Bangladesh Economic Zones Authority, stated that the government’s initiative to establish 100 planned economic zones in the country successfully attracted the attention of local and foreign investors, and investment gained momentum by now.
Due to a liberalised policy, including fiscal and non-fiscal incentive packages, the Bangladesh Economic Zones Authority received foreign direct investment proposals worth $1.5 billion so far, he said.
BEZA already made commendable progress in establishing the zones through various methods, including public-private partnerships, government-to-government agreements, and solely under government initiative, Yusuf Harun said.
‘Our policy to provide support to investors under one roof through a one-stop service has been improving the ease of doing business situation, and the influx of FDI will increase further in the economic zones,’ he mentioned in an interview with New Age Business magazine.
Despite global economic and geopolitical tensions, many foreign companies expressed their interest in setting up their manufacturing units in Bangladesh, and hopefully, the influx of FDI would exceed expectations in the coming days, BEZA’s executive chairman said.
The Bangladesh Economic Zones Authority was established by the government in 2010 under the Bangladesh Economic Zones Act, 2010, and the authority commenced its work in 2015 to establish economic zones in the country.
BEZA so far approved the establishment of 97 economic zones across the country.
A total of 41 industries were established in 12 zones, and 41 of them already commenced production, creating employment for 45,000 people, while the development of 29 other zones was in progress.
According to the BEZA executive chairman, the total investment proposals of $26 billion were approved in all these economic zones, with an estimated new employment of more than one million people.
Out of the 97 approved economic zones, 29 were private zones, and the EZs received investments worth $4 billion, he said.
Yusuf Harun mentioned that the economic zones under BEZA had so far received foreign direct investment proposals from 32 foreign companies worth $1.5 billion.
Out of these 32 companies, five have already commenced production in different economic zones.
These companies are the Australia-based TIC Group, the German-based Siegwerk, the Chinese company Meigo, the Norway-based Jotun, and the Japan-based Honda.
Moreover, two Indian companies, Asian Paints and Sakata Inx, the Japanese company Nippon, and Bangladesh-China joint venture companies Bay Sports and UK Bangla Paper, remain under construction.
The planned industrial zones under BEZA, with 61,000 acres of land bank, dedicated one-stop services, and full-fledged policy support by the government, had already captured the attention of local and foreign investors, he mentioned.
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