Powering Bangladesh's growth: How economic zones will shape the future

The future of Bangladesh's economy rests on the transformation of its industrial landscape. As the Executive Chairman of both the Bangladesh Economic Zones Authority (BEZA) and the Bangladesh Investment Development Authority (BIDA), I have the honour of leading initiatives that aim to reshape the country's economic zones. Recently, during a press briefing, I shared our plans to overcome key challenges, create jobs, and establish Bangladesh as a prime destination for investment.

From the outset of my tenure, I have engaged in open dialogue with a broad spectrum of stakeholders—officials from BEZA, domestic and foreign investors, developers, business organisations, and the media. These conversations have helped us pinpoint the obstacles hindering the development of economic zones. Through collaborative efforts, we have made significant strides in resolving these issues by working closely with various government departments. Some decision-making processes have already been fast-tracked, bringing us closer to realising our goals.

At present, we are focusing on a select list of priority economic zones that will lead the way for industrial development. These include the National Special Economic Zone, Srihatta Economic Zone, Japanese Economic Zone, Maheshkhali Economic Zone, and Jamalpur Economic Zone. Our commitment is to ensure that these zones are equipped with the necessary infrastructure and utility services, such as water, electricity, gas, and road connectivity, within the next two years. By doing so, we expect to attract $5.5 billion in investment and create more than 238,000 jobs.

However, this is just the beginning. We are also in the process of evaluating additional zones—Sabrang Tourism Park, Chinese Economic Zone, Chandpur Economic Zone, Kurigram Economic Zone, and Kushtia Economic Zone. Each of these will be developed in phases, underpinned by thorough studies to build investor confidence. The overarching aim is to transform BEZA into an investment-friendly organisation that enables investors to execute their plans efficiently and on time.

A key part of this strategy involves encouraging investors who have acquired land but have not yet begun development. We are urging them to submit their investment plans or, if they cannot proceed, to return the land. This approach is already yielding positive results. In addition, we are exploring ways to repurpose unused land, including abandoned jute mills and closed factories, bringing them under BEZA's control. These sites, which already have access to essential services such as electricity, water, and transport, present excellent opportunities for industrial development.

Within the next six months, we expect to see these initiatives take shape. These early efforts will equip us with valuable experience, which will be instrumental in tackling more ambitious projects in the future. However, for these plans to succeed, coordinated efforts across all government departments will be essential.

Rather than focusing on creating numerous economic zones, our goal is to ensure that a few select zones are fully operational within the next decade. If we can successfully establish and operate the National Special Economic Zone, the Japanese Economic Zone, and Jamalpur Economic Zone, they will serve as models for future zones. This measured approach is the key to driving Bangladesh's industrial growth.

We are also exploring the use of underutilised Beza land for a solar power project and planning a bridge over the Feni River to improve connectivity for workers in the National Special Economic Zone. These projects are small steps towards larger initiatives that will support the sustainable development of our economic zones.

In order to foster private sector growth, we are introducing a time-bound plan to regulate private economic zones. This will ensure they meet the necessary criteria for service delivery. Additionally, we've streamlined the land allocation process, bringing it directly under BEZA's oversight, and introduced a fully digital document management system to reduce delays and inefficiencies.

As part of our broader reform agenda, we are also focusing on improving our interactions with investors. Historically, we've viewed investors as being accountable to us. In reality, they are the driving force behind economic growth, job creation, and GDP expansion. Our responsibility is to provide them with the support they need to succeed. That's why we're rolling out training programmes for our officials to enhance communication and ensure we better understand the needs of investors.

To attract international investment, we plan to engage global companies like Samsung by offering tailored solutions that highlight the unique advantages Bangladesh can provide. The government will play a crucial role in facilitating these discussions at the bilateral level. By leveraging local investors as ambassadors, we will create a more favourable environment for foreign investments, removing barriers and presenting clear, attractive offers.

Ultimately, our goal is to establish a level playing field—one that is free from corruption and built on transparency, fairness, and an open-door policy. Achieving this will not only attract investment but will also position Bangladesh's economic zones as a cornerstone of the country's long-term growth. The road ahead is challenging, but with a clear strategy, collective effort, and the right mindset, we can build a prosperous future for Bangladesh.