Opening the floodgates to endless possibilities
Efforts are underway to build large industrial establishments. Various industry groups have shown interest in setting up the industry and the government is supporting as needed
The chain reaction has already begun. After the opening of the Padma Bridge, investors are staring starry-eyed at limitless possibilities.
The authorities are also well-aware of the spike in interest, as the often-overlooked south and south-western regions of the country are now being eyed for the march towards industrialisation.
Commerce Minister Tipu Munshi told The Business Standard that due to the launch of the Bridge, the path of industrialisation in the southern and southwestern regions of the country has become much easier.
Efforts are underway to build large industrial establishments. Various industry groups have shown interest in setting up the industry and the government is supporting as needed.
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Meanwhile, the Bangladesh Export Processing Zones Authority (Bepza) has prepared 86 new industrial plots in the 302.97-acre Mongla Export Processing Zone in Bagerhat due to the increased demand from investors.
It has also adopted a master plan to establish 17 economic zones in Dhaka, Khulna and Barishal divisions centring on the Padma Bridge.
The raw numbers are a testament to the interest generated.
According to Bepza, since the Padma Bridge was inaugurated (July 2022 to March 2023), the investment in the Mongla Export Processing Zone has been over $50 million. Exports also crossed $120m in the same period.
Nazma Binte Alamgir, executive director (Public Relations) at Bepza, told The Business Standard (TBS), three different agreements were signed in the last 11 months since the launch of the Padma Bridge, with an investment commitment of around $34m.
"There are two seaports – Payra and Mongla – near the proposed EPZ. After the launch of the Padma Bridge, Mongla has become a top investment destination. We have started talking to investors about an EPZ in the Barishal zone and they have verbally expressed their interest in investing in that area," she said.
Besides, several companies have proposed to invest in Mongla EPZ.
Nazma Binte Alamgir said the lead time of export products has been reduced due to the introduction of a direct communication system from Dhaka, which is helping to increase investment.
The success isn't restricted to Mongla.
The link to Padma Bridge has meant more interest in different areas in the southern region.
Bangladesh is gearing up to set up its ninth Export Processing Zone (EPZ) in Patuakhali with a target of fetching $1,530m in foreign investments and boosting exports by another $1,836m.
The Bepza will implement the Tk1,475 crore project and has already sent the development project proposal to the Planning Commission for approval.
There is another one being planned for Jashore.
These, however, aren't even the tip of the iceberg. Another grand plan is afoot, one that isn't exclusively for export
The blueprint to billions
The Bangladesh Economic Zones Authority (Beza) is planning a total of 17 special economic zones around Padma Bridge.
In these zones, business and trade laws are different from the rest of the country, and they are key to driving both investment and generating employment.
Beza Executive Chairman Shaikh Yusuf Harun told TBS, the bridge prompted many industrial giants to seek investment in the area.
"We are making economic zones in Satkhira, Kushtia and two in Mongla. There are also plans to make an economic zone in Shariatpur with solar plants," he said.
Harun said four private companies had expressed their interest in setting up agro bases in Shariatpur, where the Beza has a lot of land.
"They have submitted the feasibility and we are monitoring it."
According to Beza sources, the Mongla Economic Zone is being established in Mongla Upazila of Bagerhat District on 205 acres of land in the area adjacent to Mongla Port.
Another economic zone is being set up on a Government to Government (G2G) basis on about 105 acres of land adjacent to the Mongla Economic Zone.
Sources also said plans are being made to set up such zones on 208 acres of land in Batiaghata and 509 acres in Terokhada of Khulna.
There are also plans for Magura's Sreepur, in Satikhia and 1,729 acres of land at Charmegha in Hizla upazila of Barisal, alongside others in Bhola, Bagerhat, Shariatpur, Madaripur and Faridpur district have been planned.
Another project in Gopalganj is awaiting approval of the Executive Committee of the Economic Council (ECNEC), sources said.
The Beza is working towards establishing 100 economic zones across the country by 2041.
