Economic zones to change the face of Bangladesh

Staff Correspondent

26th February, 2021 12:45:14 printer

Economic zones to change the face of Bangladesh

BEZA Executive Chairman Paban Chowdhury

Bangladesh Economic Zones Authority (BEZA) is working relentlessly to attract foreign investment and facilitating industrialisation through economic zones, BEZA Executive Chairman Paban Chowdhury has said.

 “But no transformative change comes in a day,” the BEZA Executive Chairman noted in an interview.

Paban Chowdhury also talked about the progress in economic zone projects, the latest foreign investment scenario and future plans of BEZA in attracting and facilitating large-scale investment.

Despite the economic fallout caused by the Covid-19 pandemic, Bangladesh has been maintaining a positive trend in trade and economy, investment and employment.

 “BEZA is putting its best efforts in bringing investment braving all challenges. Economic zones, especially the Bangabandhu Sheikh Mujib Shilpa Nagar will change the face of Bangladesh,” Paban Chowdhury said.

Many say that no investment is coming to Bangladesh. For their kind information, around 100 Japanese companies are coming to invest in Bangladesh, he added.

Referring to the overall industrial development and economic growth, the BEZA Chief said Bangladesh has shown tremendous success in combating pandemic while maintaining the pace of progress and development.

Development work of economic zones is progressing fast. The country’s biggest economic zone Bangabandhu Sheikh Mujib Shilpa Nagar is being developed on 30,000 acres of land and some companies have already started production in the zone.

The Bay Terminal to be built in Chattogram will be connected to the economic zone for facilitating import and export exclusively for the companies in the zone, the BEZA Chairman informed, adding that companies from Japan, China, India, the United Kingdom, Singapore, Korea, Malaysia and Australia have invested in the industrial city.

All kinds of heavy industries are being set up here and it is assumed that this industrialisation will create huge investment and employment in the country. Many big local companies including Bashundhara Group are investing in the Bangabandhu Shilpa Nagar while many others are set to commence production this year.

 “We are determined to complete the infrastructure development work of the industrial city within the stipulated time. Once implemented, at least 1.5 million people will be employed,” he added.

Besides, the work of developing 100 economic zones across the country is also in progress. This will help boost the country’s export earnings in a short period of time and will add a new dimension to the expansion of the country’s economy and GDP.

Replying to a query over the present status of the country’s investment and economy, Paban Chowdhury said Bangladesh's economic growth is progressing fast. Even, IMF, JICA, ADB and World Bank have said Bangladesh have shown success in economic development despite the corona pandemic.

Private sector has played a pivotal role in keeping the economy on track and BEZA is very much cordial to be part of the expansion of the private sector, he said.

 “Critics often complain that Bangladesh is failing to grab foreign investors during the corona. They have to wait a little bit to see the development to be tangible at the earliest possible time,” the BEZA chairman said.

 “At the outset of EZ activities, many people were skeptical about chances of a mega economic zone in Mirsharai. But reality is different. All credit goes to the government’s favourable policy support,” Paban Chowdhury said.

Praising Prime Minister Sheikh Hasina for her leadership and vision, BEZA Executive Chairman said the Prime Minister has proved Bangladesh’s capacity globally.