Defence EZ prioritised in joint 180-day investment roadmap
The roadmap was presented to Prime Minister Tarique Rahman on Sunday by four major investment-related agencies
The government's key investment promotion agencies have announced a joint 180-day action plan aimed at improving the country's business climate and accelerating investment, with the establishment of the country's first Defence Economic Zone listed among the priority initiatives.
The roadmap was presented to Prime Minister Tarique Rahman on Sunday by four major investment-related agencies – the Bangladesh Investment Development Authority, Bangladesh Economic Zones Authority, Maheshkhali Integrated Development Authority, and the Public-Private Partnership Authority, according to a press release issued on the same day.
The plan outlines 25 key initiatives structured under three pillars – robust infrastructure, investment facilitation and investment development – aimed at delivering core improvements for both local and foreign investors.
Among the infrastructure priorities are port modernisation, implementation of the Chinese Economic Zone, expansion of ready-to-use industrial park plots, progress on Free Trade Zones and the proposed Defence Economic Zone, revitalisation of state-owned enterprises through public-private partnerships and foreign investment, and energy sector initiatives, including exploring alternative energy options.
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Under the investment facilitation pillar, the focus will be on institutional reform and improving investor services. Planned measures include unifying investment promotion agencies – Bida, Beza, Bangladesh Export Processing Zones Authority, Bangladesh Hi-Tech Park Authority and Public-Private Partnership – strengthening inter-ministerial coordination, launching a private sector advisory council headed by the prime minister, and rolling out BanglaBiz as a single-window investment platform.
The roadmap also includes progress on the Bangladesh-South Korea free trade agreement and the establishment of Bida's first overseas office in China.
The third pillar, investment development, focuses on identifying and attracting investments in targeted sectors. Planned initiatives include nationwide industry mapping, building a foreign direct investment pipeline from priority countries in sectors such as agribusiness, pharmaceuticals, leather, textiles and information technology, as well as promoting blue economy initiatives such as deep-sea fishing, mariculture and export-oriented shrimp processing.
Bida Executive Chairman Ashik Chowdhury said the strategy aims to build an investment-driven economy and accelerate job creation.
"Our plan is centred on building an investment-led economy, accelerating employment creation, and increasing domestic and foreign investment in Bangladesh through focused, implementation-driven reforms," he said.
He added that amid global economic uncertainty, the government is placing particular emphasis on supporting domestic investors while continuing to facilitate foreign investment.
Meanwhile, officials said establishing the country's first Defence Economic Zone is being pursued in phases.
Nahian Rahman Rochi, executive member and head of business development at Bida, told The Business Standard yesterday that the first phase has already secured policy approval from the authority's governing board. The second phase will involve finalising necessary legal, policy and institutional reforms required to enable investment and export activities related to the defence sector.
He said these reforms are expected to be prioritised under the 180-day action plan. If the phrases are completed within this period, the third phase will involve the actual development of infrastructure and establishment of industries within the Defence Economic Zone.
Earlier in January, the governing board of the investment agencies approved the policy decision to establish Bangladesh's first defence industrial park. Following the meeting, officials announced that the proposed zone would be developed in Mirsarai in Chattogram, where around 850 acres of land have been identified for the project.
Officials say the initiative reflects growing global demand for defence equipment and the importance of developing domestic manufacturing capacity amid supply chain uncertainties.
