Sumitomo will establish Japanese EZ

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Expected to invest 20 billion dollars
Sumitomo Corporation will develop the Japanese Economic Zone (EZ) in Araihazar of Narayanganj. In this regard, the joint venture agreement of Sumitomo corporation has been signed with Bangladesh Economic Zone Authority (BEZA). 

It was told at the agreement signing program on Sunday in Hotel Intercontinental of capital city that it is expected to invest around US $20 billion from the investors of Japan and other countries in this economic zone.This figure came from the feasibility report of the economic zone.It should be noted that Bangladesh received foreign investment of $3.61 billion in 2018.

The economic zone is being established on 540 acres of land for now which will be increased to 1000 acres later. Sumitomo's will hold 76 percent share of the company which will operate the economic zone. The remaining 24 percent will be held by BEZA. 

During the visit of Japanese Prime Minister Shinzo Abeto Bangladesh in 2014; establishment of an economic zone for Japanese investors was jointly announcement by the prime ministersof both countries. Sumitomo said that they want to start the activities of the economic zone by 2020.

Principal Secretary to the Prime Minister Najibur Rahman, SDG-Chief Coordinator of Prime Minister's Office AbulKalam Azad, Executive Chairman of BEZAPaban Chowdhury, Japanese Embassy Minister Takeshi Eetoetcwere present at the program.General Manager of BEZA ShohelerRahman Chowdhury and General Manager of Sumitomo Yasushi Fukuda signed the agreement.

AbulKalam Azad urged for quick investment to prepare the economic zone and said, “Otherwise the train will be missed.”

Executive Chairman of BEZAPaban Chowdhury said, “This will be the most significant event of attracting foreign investment in Bangladesh. In BEZA, we emphasis on work rather than talking. Today, itis the real display.”

Japan International Cooperation Agency’ (JICA) Senior Representative in Bangladesh YoshibumiBito said that the Japan government has provided loan assistance to establish this economic zone. This is a new kind of support for JICA.

Yasushi Fukuda said that Sumitomo Corporation is 400 years old company. They established eight economic zones and industrial parks in five Asian countries. The countries are India, Indonesia, Philippines, Myanmar and Vietnam. 590 companies have invested in economic zones that are establishedin these countries and 2 Lac 10 thousand people got employed.

Yasushi Fukuda thanked the local residents of Narayanganj for accepting the Japanese economic zone. Along with that they all pledged to stay together.

Along with Japan, China is establishing an economic zone for its investors in Anwara of Chittagong.India will establish three economic zones, one of which is Mirsharai of Chittagong, one inMongla of Bagerhat and the other is to be in Bheramaya of Kushtia.The total amount of land in India's three economic zones is 1,624 acres.The size of the Chinese economic zone is 783 acres.However, Japan is implementing big projects in Moheshkhali of Cox's Bazar.

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