Bangladesh Special Economic Zone (BSEZ), dedicated for Japanese investors, is expected to bring in foreign investment worth US$20 billion.
The Special Economic Zone (SEZ) being developed on 1,000 acres of land in Araihazar upazila of Narayanganj will be operational by 2022.
This was revealed at a contract signing ceremony between Infrastructure Development of Japanese Economic Zone Project (IDJEZP) and TOA Corporation held at a city hotel on Monday evening.
IDJEZP project director Saleh Ahmad and Executive Officer of TOA Corporation's International Division Masaki Uematsu singed the contract on behalf of their respective organisations.
The IDJEZP is a joint venture between the Bangladesh Economic Zones Authority (BEZA) and Japanese Sumitomo Corporation.
Under the contract, Japanese firm TOA Corporation will develop the EZ exclusively for the Japanese investors.
Principal Secretary to the Prime Minister Dr. Ahmad Kaikaus attended the ceremony as the chief guest while BEZA Executive Chairman Paban Chowdhury presided over the ceremony.
Minister to the Embassy of Japan in Bangladesh Hiroyuki Yamaya, Chief Representative of Japan International Cooperation Agency (JICA) Bangladesh office Hirata Hitoshi, and Chief Representative of Japan External Trade Organization (JETRO), Dhaka Yuji Ando also spoke on the occasion.
This is the first EZ being established on a government-to- government (G2G) basis.