Bangladesh’s Economic Zone to attract $5bn investment

The Bangladesh Export Processing Zones Authority (Bepza) is developing an exclusive economic zone, named Bepza Economic Zone (BEZ) on 1,138 acres of land in Mirsharai, Chattogram with an involvement of Tk6,000 crore in phases within a period of 10 years.

“We have started developing our ninth industrial zone to woo investment in diversified sectors. As our export basket is heavily dependent on readymade garments (80% of the total export), we like to promote investment in diversified sectors,” said Nazma Binte Alamgir, general manager (public relations) at Bepza.

Some potential industries will be set up in BEZ that will produce goods like agro-products and agro-processing products, integrated textiles, leather and leather products, motorbikes, food & beverage, paint & chemicals, paper, plastics, light engineering (including auto-parts and bicycles), solar power and goods related to 4IR, she also said.

“We are expecting investment valued at $4-5 billion, with an employment generation of 500,000 workers after completion of the project,” the Bepza official projected.

This will be one of Bepza’s iconic projects, since the organization started back in 1983. Bepza is developing the largest ever economic zone on 1,138 acres of land inside the Bangabandhu Sheikh Mujib Shilpa Nagar in phases with an involvement of Tk6,000 crore in a period of 10 years.”

In the first phase of the development, Bepza has created 140 industrial plots, and has already allocated 134 industrial plots to 18 entrepreneurs of China, Hong Kong, Taiwan, South Korea, India, USA, UK, Canada, Kuwait, including host Bangladesh. Foreign companies have offered to invest $580 million as of now, she also said.

“Gradually, we are handing over the plots, depending on their development. We have a lot of applications from the investors seeking plots there.”