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Bangladesh scales back its big-dream plan to establish 100 economic zones across the country by 2030 and the current government prioritizes five full-blown EZs to deliver the desired goods.
It now focuses on select few zones "to maximize the attraction of foreign investment and impact on the country's economy", according to a top government official.
Bangladesh Economic Zones Authority (BEZA) planned to create 100 special economic zones across the country to promote economic growth and employment by 2030, according to a report published by fdi intelligence in its February-March issue.
Once completed, these EZs were envisaged to create 10 million jobs and provide a manufacturing base for US$40 billion worth of exports.
The plan was announced in 2010 by the ousted Awami League government soon after assuming power in 2009. But the reality was that only a small portion of the plan has been implemented.
Executive chairman of BEZA Ashik Chowdhury says that it will prioritize five economic zones to ensure they reach these goals.
The select five are National Special Economic Zone in Chattogram, Srihatta Economic Zone in Sylhet, Japanese Economic Zone in Narayanganj, Maheshkhali Economic Zone in Cox's Bazar and Jamalpur Economic Zone in Jamapur.
All are under development.
"Our commitment is to ensure that these zones are equipped with the necessary infrastructure and utility services," says Mr. Chowdhury.
He says water, electricity, gas, and road connectivity of the five zones will be made within next two years.
However, the Mirsharai economic zone or national special economic zone has already developed and there are many industrial units being built. It is built over 33,800 acres encompassing Mirsharaui and Sitakunda of Chattogram and Sonagazi of Feni. Trial production began there at several factories in the first half of 2022.
By September 2023, five factories had been in commercial production.
The BEZA was created under the Prime Minister's Office in 2010. The initial objective was to develop 100 EZs both at public and private initiatives.
The incentives structure for investment includes exemption of taxes and customs/excise duties, non-fiscal incentives, and issuance of work permits along with recommendation for residency or citizenship and no FDI ceiling.
After promulgation of the BEZA act in 2010, the establishment of export-processing zones or EPZs was discontinued . Currently Bangladesh has eight EPZs.
jasimharoon@yahoo.com