10 economic zones set to start soon

Ten economic zones (EZ) are waiting for their foundation stones to be laid next month out of the 46 EZs approved by the governing board of the Bangladesh Economic Zone Authority (BEZA).

Of these 10 EZs, four are governmental ones and the other six are private EZs.

BEZA sources said development work is ready to begin at these EZs and the necessary land acquisition has already been completed.

The four governmental EZs are: Mirersarai Economic Zone in Chittagong (13,117.78 acres); Shihatta Economic Zone in Moulvi Bazar (352.12 acres); Mongla Economic Zone in Bagerhat (205 acres); and Sabran Tourism Special Economic Zone in Cox’s Bazar (1,027.56 acres).

The six private EZs are AK Khan and Companies Ltd in Narsingdi (200 acres); Abdul Momen in Munsiganj (325.95 acres); Meghna Industrial Economic Zone at Sonagaon in Narayaganj (21.69 acres); Meghna Economic Zone at Sonagaon in Narayaganj (72.02 acres); Aman Economic Zone at Sonagaon in Narayaganj (150 acres); and Bay Economic Zone at Konabari in Gazipur (65 acres).

The manager of the BEZA, Malay Chowdhury, an official of the rank of deputy secretary, told The Independent that development work on these EZs is going on apace and the foundation stones are likely to be laid next month. The governing body of the BEZA has already approved a total of 46 EZs in different parts of the country, he said.

Yet, the BEZA is yet to acquire lands for many of these.

Chowdhury said they will acquire the land gradually and would prefer ‘khas’ land for the sites. He further said the BEZA has also selected 13 other sites for EZs, adding that the preliminary selection committee has selected those sites. Of these, 11 EZ are governmental sites and the other two are private.

In his budget speech in June last year, finance minister AMA Muhith had announced that 100 EZs would be set up across the country. Establishing economic zones would increase export earnings by USD 40 billion and generate employment for around 10 million, he had said.

The government plans to make Bangladesh a middle-income country by 2021 and a developed nation by 2041.

Muhith noted that big investment initiatives—such as some in Japan, South Korea, China and India—could not materialise because of land scarcity.

The chief economist of the World Bank’s Dhaka office, too, has emphasised the need to establish EZs rapidly to attract investors, both from home and abroad.