Korean EPZ set to come under BEZA
KEPZ, primarily operated by Youngone Corporation, currently employs over 34,000 Bangladeshis
The Korean Export Processing Zone (KEPZ) will be brought under the jurisdiction of the Bangladesh Economic Zones Authority (BEZA).
"Some official formalities remain to be completed," BEZA Executive Chairman Chowdhury Ashik Mahmud Bin Harun said at a meet-the-press event held at the BIDA Multipurpose Hall in Agargaon, Dhaka today (7 January).
"We have prioritised the development of economic zones and prepared a time-bound plan to ensure infrastructure and utility services in five key zones: the National Special Economic Zone, Sylhet Economic Zone, Jamalpur Economic Zone, Maheshkhali Economic Zone, and Japanese Economic Zone.
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He also said if the plan is implemented, in the next two years, 133 industries will gradually be established, creating investment opportunities worth $5.5 billion and generating approximately 238,000 jobs.
"Investors who have acquired land but, for any reason, have not been able to start operations are being encouraged to establish industries. We are asking them to inform BEZA about their investment plans. If these investors are unable to commence development work and set up industrial establishments in line with our plans, they are requested to return the land to BEZA," he said.
He further said, "We have already started achieving success in this regard. Initiatives are being taken to establish economic zones on unused government land in various locations, including jute mills and sugar mills."
"If BEZA can successfully implement plans for five economic zones in the next two years, the experience gained from this can be utilised to undertake even better initiatives in the future. However, this will require coordinated efforts from all government departments," said the BEZA executive chairman.
He also mentioned starting feasibility studies as part of an initiative to establish solar power projects on unused land owned by BEZA.
"Additionally, as part of the residential arrangement for workers in the National Special Economic Zone, we have taken the initiative to construct a bridge over the Feni river.
"I do not believe there is a need to establish 100 economic zones in the country. If ten are fully operational within the next decade, the objectives of economic zones will be fulfilled," he said.
In response to a question, he said in the long run, there could be 100 zones or even more.
He added that so far, projects worth a total of Tk9,200 crore have been undertaken to develop economic zones.
Earlier on 2 December, the governing body of the Korean Export Processing Zone, headed by the chief adviser, decided to fast-track its land registration and ease its bond licensing procedure to turn the key industrial park into a foreign direct investment hub.
The committee took executive decisions to complete the remaining land handover to KEPZ as quickly as possible, roll out the authorised economic operator model, ease the bond licensing procedure, and open dialogue on labour laws.
The committee also unanimously decided to decentralise authority and fast-track service by moving KEPZ out of CAO's direct administration to the Bangladesh Economic Zones Authority (Beza).
KEPZ, primarily operated by Youngone Corporation, currently employs over 34,000 Bangladeshis in 48 state-of-the-art industrial units. Fifty-two percent of the 2,500-acre area is left for green.
