'Improving supply chain key to draw more investment in economic zones'

To attract more investment to the 100 economic zones, which are being developed across the country, the supply chain must be improved, businessmen and experts observed.

Besides, improving the logistics sector, ensuring uninterrupted gas electricity and gas connection and further developing the ease of doing business are essential to boost investment in the economic zones, they said in a session yesterday, the third and final day of the Bangladesh Business Summit.  

"Some 10 million jobs will be created in the 100 economic zones. As we move towards realising that goal, the supply chain is a major challenge for us now. We have to invest a lot in this sector," said Bangladesh Supply Chain Management Society (BSCMS) President Naquib Khan.

 "We must ensure quick transportation of goods. At the same time, skilled workforce should be created," he said, adding that investment in the logistics sector should also increase.

Rajesh Mirchandani, CEO of Dun and Bradstreet South Asia and Middle East said, "Both the Customs Act, 1969 and Warehousing Ordinance,1959 need to be updated. Customs should be automated."

He pointed out that Bangladesh must improve in the ease of doing business to attract foreign investment.

"One stop service is very necessary," he added.

American Chamber of Commerce in Bangladesh (AmCham) President Syed Ershad Ahmed said that focus should now be expanded outside the economic zones as well.

"The airport needs to be improved. The railways should be utilised for cargo transportation," he remarked.

Mainuddin Monem, managing director of Abdul Monem Economic Zone said, "Policies specifically for the economic zones are needed. Getting utility connections must be quick. If there are any pending land related issues inside the economic zones, it should be quickly resolved." 

Bangladesh Economic Zones Authority (Beza) Executive Chairman Shaikh Yusuf Harun, in his keynote speech said, "The government aims to establish 100 economic zones across the country by 2041 to achieve industrial self-sufficiency, decentralisation and with a target of employment to 1 crore people."

So far 97 zones have been approved of which 10 of them have been completed while another 30 are currently under implementation, said the Beza executive chairman, adding that production in the completed zones has already started.

Bangladesh Export Processing Zones Authority (Bepza) Executive Chairman Major General Abul Kalam Mohammad Ziaur Rahman said, currently there are 452 enterprises from 38 countries operating in eight export processing zones (EPZs) across the country.

Hi-tech and automobile manufacturing gaining ground

In another session on Hi-Tech & Automobile, Abdul Matlub Ahmad, president of Bangladesh Automobile Assemblers and Manufacturers Association, said the country is going to see a wave of hi-tech automobile manufacturing in coming years including factories for electric vehicles as a number of companies are investing in the field.

Hyundai already started car making in Bangladesh in the hi-tech factory built by Fair Technologies, Uttara Motors is building its Suzuki car manufacturing plant, PHP group is making Proton cars. Besides, a number of companies are assembling commercial vehicles, building their bodies locally and the expanding market is expected to attract more investments for deeper local manufacturing.

Arijit Cahkraborti, partner of PwC said how the workforce can do a miracle the apparel manufacturing showed and it's time to focus on upskilling the workforce to cohabit with robots in the future plants.

From an aspiration to be self-sufficient in technology products, Bangladesh can move towards exporting vehicles, just like many Asian peers did, he said.

Siemens Industrial Ltd CEO Prasad Palsokar said companies are looking for more automation for the sake of efficiency, productivity, competency and sustainability and that is also a reality in Bangladesh where industrial automation solution providers like his company are much interested to cater to the growing demand nowadays.

The three-day summit, which the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) organised marking its 50th founding anniversary, ended yesterday at the Bangabandhu International Conference Center in Dhaka.

The foreign and commerce ministries and the Bangladesh Investment Development Authority (Bida) partnered the initiative, which hosted business dignitaries from around the world.