BEZA's roadmap to a smart and developed Bangladesh by 2041
Under the leadership of the current government, Bangladesh has already achieved the status of a middle-income country in keeping with Vision-2021. And Bangladesh Economic Zones Authority (BEZA) is committed to making Bangladesh an upper-middle income country by 2031 and a developed and smart country by 2041
The objective of establishing economic zones is to increase industrialisation, employment, production and exports in the country by creating a multifaceted investment stream with state-of-the-art facilities in the country's economy. BEZA is determined to establish 100 economic zones in the country which can potentially create direct and indirect employment opportunities for 10 million people and goods and services worth $40 billion will be produced from here.
The Honorable Prime Minister Sheikh Hasina has approved 97 Economic Zones sites as the chair of the BEZA Governing Board. Of them, the development work of 29 economic zones is in progress while 10 economic zones have already started production. Investment proposals of $26 billion have been approved in all these economic zones. The approved investment proposal will create about 1 million new jobs for our youth.
As of today, eight companies are in commercial production and 70 industries are under construction. These industries provide employment to around 50,000 people and invested around $4.5 billion.
Even amid the war between Russia and Ukraine, global epidemic and recession, on 20 November 2022, the Prime Minister inaugurated 50 industries and infrastructures including commercial production of four industrial units in Bangabandhu Sheikh Mujib Shilpa Nagar (BSMSN) and on 6 December 2022, she inaugurated the Bangladesh Special Economic Zone (Japanese Economic Zone), which has worked as a motivating propeller for BEZA to work for the future with renewed strength.
Keep updated, follow The Business Standard's Google news channel
As the Executive Chairman of BEZA, I heartily congratulate those who have come forward to build private economic zones in planned industrialisation under the initiative of the government. At the same time, we express our gratitude to the governments of Japan, China and India for coming forward to establish an economic zone on a G2G (government-to-government) basis.
Moreover, BEZA is working to establish an Economic Zone for investors in the Kingdom of Saudi Arabia.
It is good news for the citizens of the country that even during this recession all over the world, four companies have started commercial development in BSMSN. I hope that 10 more industries will come up in this industrial city in a year's time.
A Double-Glazing Company established by non-resident Bangladeshi (women entrepreneurs) has also launched its production in Srihatta Economic Zone. Besides, eight other industrial units of various private economic zones, including the country's largest PVC factory, have started commercial production. The 14 companies that made their commercial debut last year have already invested about $967.33 million and will invest an additional $331.27 million in future business expansion.
At the 29 under-construction industrial units, the investment so far has been around $610 million and further investment will be around $1922.39 million. 6,407 people have already been employed in these industries and 38,658 more employment opportunities will be created.
Besides, the Prime Minister jointly inaugurated various important infrastructures of BSMSN, Jamalpur Economic Zone, Srihatta Economic Zone as well as the Sabrang Tourism Park administrative building, 20 km long Sheikh Hasina Sarani of BSMSN, 230 KVA grid line and substation. Additionally, 50 MLD water treatment plant will be constructed for water supply in BSMSN.
Also, the country's largest petrochemical industry will be built in the Maheshkhali Economic Zone of Cox's Bazar district. The petrochemical industry will complete the construction of its factories by 2023, and it will play a leading role in future large reserves of fuel.
The country's largest dry dock is also going to be built around the Karnaphuli River in Chattogram by the Karnaphuli Dry Dock Special Economic Zone Ltd. Once the construction of the dry dock is completed, the establishment will be able to bring the reputation of Bangladesh in the dry dock sector in the future.
I am delighted to announce that for the first time, an electric car manufacturing factory is going to be built in BSMSN. Besides, textile and chemical factories are going to be built in Jamalpur Economic Zone by Turkish investors. A new investment in the Bay Economic Zone has come from Taiwan and will soon start production in a 100% export-oriented garment factory.
In order to ensure skilled manpower according to the needs of investors, BSMSN Development Project has undertaken training programmes aimed at making 22,000 people skilled. In the initial phase, the training programme of 2,000 people will get going very soon, mainly for the affected people around BSMSN. Later, under the Skills Voucher Programme, 20,000 people will be trained and employed in line with the skilled manpower needs of investors in various economic zones.
BEZA OSS (One Stop Service) centre is a 'Single Window' that provides EZ unit investors with comprehensive business information and licensing services and thus, it reduces the cost of doing business and lead time. It facilitates obtaining all required regulatory permission, licenses, approvals and No Objection Certificates (NOC) 'under one roof' within the stipulated time.
BEZA OSS centre also offers free advisory support to all investors facing any issues relating to doing business in BEZA. As of now, the centre provides 125 services, of which 48 are online. We expect BEZA, as a leading investment promotion agency, to be one of the driving forces for a developed and smart country.
I believe that these initiatives will play an important role in attaining the indicators of "Ease of Doing Business in Bangladesh". If these ventures come into reality, BEZA will reach a new height of transforming Bangladesh into an industrialised, modern and prosperous nation aligned with the 'Vision 2041'.
The author is the Executive Chairman of Bangladesh Economic Zones Authority (BEZA).
Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the opinions and views of The Business Standard.
