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The Bangladesh Economic Zones Authority (BEZA) has received 500 acres of land in Araihazar upazila from the Narayanganj district administration to set up an economic zone exclusively for the Japanese investors.
Deputy Commissioner (DC) of Narayanganj Rabbi Miah formally handed over the documents of land to Md Moniruzzaman, General Manager of the BEZA, at a ceremony held at the latter's office in the capital on Sunday evening.
Member of Parliament (MP) of Narayanganj-2 constituency Md Nazrul Islam Babu, BEZA Executive Chairman Paban Chowdhury, and its executive member Md Harunur Rashid attended the handover ceremony.
Speaking on the occassion, Paban Chowdhury said the day marked a very significant milestone in the country's endeavour towards achieving economic development through industrialisation and employment generation.
A world-renowned company like Sumitomo Corporation of Japan is engaged in developing the land in the Japanese Economic Zone (JEZ), he said.
"Sumitomo's presence in Bangladesh will certainly encourage other Japanese businesses to invest here," Mr Chowdhury said, adding that the country has been witnessing a strong growth in the foreign direct investment (FDI).
He expressed the hope that industries will start operating in the JEZ by 2021.
According to the BEZA, the JEZ, being developed under the government to government (G2G) scheme, will be expanded to 1000 acres in phases.
Deputy Commissioner Rabbi Miah said over Tk 3.62 billion have been paid in compensation to 8,056 locals for land acquisition.
The district administration with the support of BEZA ensured that all the land owners received compensation, he added.
Nazrul Islam Babu MP said local people in Araihazar Upzila have welcomed the BEZA's move to establish an economic zone in the area, as it will make a significant contribution to their life.
Although the local people initially opposed the land acquisition, they finally kept faith in BEZA officials following their assurance that locals will be paid compensation for their land, he added.
On March 05, the Executive Committee of the National Economic Council (ECNEC) approved the 'Infrastructure Development for Japanese Economic Zone at Araihazar' project involving Tk 25.82 billion.
The BEZA also inked a joint venture agreement with the Sumitomo Corporation for developing the economic zone earlier.