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Published: March 17, 2022 18:13:44 Updated: March 17, 2022 18:20:10
BEZA signed agreement for a Japanese economic zone
The newly formed Bangladesh Special Economic Zone Limited (BSEZ) has entered into an agreement with the regulatory body Bangladesh Economic Zones Authority (BEZA) to set up a Japanese economic zone on one and a half thousand acres of land in Narayanganj. News from bdnews24.com.
The development agreement was signed between the two companies at a hotel in the capital on Wednesday night. BEZA executive member (administration and finance) Abdul Azim Chowdhury and managing director of Bangladesh Special Economic Zone Taro Kawachi signed the agreement.
For the first time in the country, the Bangladesh government entered into a joint venture agreement with Sumitomo Corporation of Japan in 2019 to build an economic zone on GTZ basis (in partnership between the governments of the two countries).
All kinds of works of this project including land acquisition, development, road construction, approval from various government departments have progressed with time. The outline for the establishment of such an economic zone was also approved by the Cabinet Committee on Economic Affairs two weeks ago. Now the deal with Bejar marks the beginning of a larger development of the Japanese economic zone.
"This year marks the 50th anniversary of Bangladesh-Japan bilateral relations," Bejar said in a press release. Japan has always been cooperating in the economic and social development of Bangladesh. Through this a fruitful and credible relationship has developed between the two countries. The two countries have been able to engage in such a long-term plan based on that relationship.
Presided over by Sheikh Yusuf Harun, Executive Chairman, Bangladesh Economic Zones Authority, the event was attended by Chief Secretary to the Prime Minister Ahmed Kaikaus, Japanese Ambassador to Bangladesh Naoki Ito, JICA Bangladesh Chief Representative Yoho Hayakawa and Bangladesh Special Economic Zone Limited partner Sumitomo.
The Japanese Economic Zone is being developed on 1000 acres of land in Araihazar of Narayanganj. Acquisition of about 600 acres of land has already been completed. Besides, about 200 acres of land development work is nearing completion.
Government officials say the project is aimed at expanding the facilities for diversified industries, creating a conducive environment for attracting Japanese and local investment, alleviating poverty by creating employment opportunities, ensuring balanced economic development and improving living standards in the country.
According to Beja, the estimated cost of the project for land acquisition is Tk 3,195.61 crore. Besides, FDIPP or Foreign Direct Investment Promotion Project was approved by ECNEC on March 5, 2019 for the establishment of this region at a cost of Tk 2,582 crore. The project includes land development, construction of connecting roads and installation of electricity and gas connections.
The concerned people are hoping that after completing these activities, it will be possible to launch this economic zone by 2022.
BEZA says it will be possible to secure about 1 billion dollars worth of Japanese investment in the economic zone at the early stage. This will not only create skilled manpower but also expand the field of technology transfer.
Ahmed Kaikaus, Chief Secretary to the Prime Minister, said: Building a Japanese economic zone will boost the confidence of Japanese investors in Bangladesh. ”
BEZA Executive Chairman Sheikh Yusuf Harun said, “This initiative is just the beginning of a huge undertaking. It will end successfully with the creation of a planned Japanese economic zone. "
Japanese Ambassador to Bangladesh Naoki Ito said, “The Japanese government is very pleased to be a part of Bangladesh's development. Many well-known companies have already shown interest in investing in the Japanese economic zone. ”
