Bepza financial zone eyes $10b investment
The Bangladesh Export Processing Zones Authority (Bepza) is establishing an financial zone at the Bangabandhu Sheikh Mujib Shilpa Nagar (BSMSN) to diversify exports.
The agency will emphasise the electronic and spare parts developing industries remember the fourth professional revolution and job creation.
"The new zone will be different from the prevailing zones of the Bepza as we won't give concern to the apparel industry," stated Md Nazrul Islam, executive chairman of the Bepza.
The planned monetary zone will be an EPZ inside the BSMSN in Mirsarai of Chattogram. Investors will need to sell 90 % of the products to be made in the international market segments, and the rest could possibly be sold in the domestic industry following customs and different rules.
Islam said the new zone would attract in least $10 billion found in investment and make use of five lakh people.
There are eight EPZs beneath the Bepza in the united states.
A complete of 476 professional units have for been set up in the EPZs. Of these, 300 units will be textile and related gadgets factories, 32 footwear crops, 19 electronics and electric goods factories, 13 plastic material things factories, 13 tent-producing devices, and 11 happen to be service-oriented industries.
The factories up to now attracted $8 billion investment and have created around 4.5 lakh jobs. They shipped goods worth about $6.5 billion in the fiscal year 2019-20, down from $7.2 billion this past year because of the affect of the coronavirus pandemic.
The EPZs account for a fifth of the total export receipts for Bangladesh.
The development work of the Bepza monetary zone commenced in 2018. The Bangladesh Economic Zones Authority (Beza) will give 1,150 acres of territory at the BSMSN to the Bepza on May 30.
Paban Chowdhury, executive chairman of the Beza, said the territory was almost prepared for establishing factories. "The Bepza monetary zone will be the biggest monetary zone in the united states."
Of the 539 plots planned at the zone, 140 will be in the beginning up for grabs, and they'll be ready for investment by September, Islam stated. How big is the plot will come to be 3,600 square metres each.
All of those other plots would be available at different stages within 2023.
The economical zone will consist of industrial plots, standard factory building area, water treatment plants, central effluent treatment plants, transfer stations, power hubs, incinerator, central warehouses, container depot, mega kitchen, hospitals and daycare facilities.
The plots are equipped with adequate road facility, utility services such as for example water, gas, electricity, telephone, and effluent collection network.
The Bepza can be growing facilities such as for example investors' residence and club.
"Investors should be able to ship goods directly from the area as all required providers provided by stakeholders such as for example banks, customs, and ports will be available within the zone," Islam said.
Khondaker Golam Moazzem, exploration director of the Center for Plan Dialogue, said there is without doubt that the establishment of the monetary zone by the Bepza would create careers and boost exports.
He suggested the Bepza allocate plots to true investors in order that factories could get into production immediately. It will not allot plots to traditional product manufacturers to make sure export diversification, he said.
Zahid Hussain, a previous lead economist of the Globe Bank's Dhaka workplace, however, said there is no dependence on any separate zone for the Bepza as there may be a coordination gap between your two agencies.
Islam said the shipment from the factories found in the EPZs might hit $8 billion in today's fiscal year.
The EPZs have alleviated poverty through employment generation and setting up of forward and backward linkage industries and created home based business scopes in the encompassing areas of the estates.
The Bepza would allocate no more than 15 per cent of plots at the brand new zone to the apparel industry, down from about 33 % in existing zones.
