Bangladesh Economic Zones Authority (BEZA) aims to make five economic zones fully operational within the next two years, with a target to attract $5.5 billion in investments and create over 200,000 job opportunities.
These zones include the National Special Economic Zone, Sylhet Economic Zone, Jamalpur Economic Zone, Maheshkhali Economic Zone, and Japanese Economic Zone, according to BEZA Executive Chairman Chowdhury Ashik Mahmud Bin Harun, who shared the plans at a press briefing held at the Bangladesh Investment Development Authority (BIDA) yesterday.
Strategic Focus
Highlighting the necessity of a focused approach, Harun said, “The country does not need 100 economic zones right now. Financially and technically, this is not viable.” He added that fully operationalizing even 10 economic zones over the next decade would sufficiently meet the country’s goals.
“Especially, starting the National Special Economic Zone, Japanese Economic Zone, and Jamalpur Economic Zone will pave the way for creating additional zones in the future,” Harun said.
Infrastructure and Utility Development
Following consultations with stakeholders, BEZA has prioritized infrastructure and utility services for the five economic zones with the highest demand. Development plans for five additional zones, including the Chinese Industrial Economic Zone, Sabrang Tourism Park, Chandpur Economic Zone, Kurigram Economic Zone, and Kushtia Economic Zone, are currently under assessment.
Unused zones will be repurposed for alternative uses, such as solar power generation, Harun noted. BEZA is also exploring reopening shuttered jute and sugar mills in some zones, leveraging existing utility services to attract investors.
Investor Accountability
To ensure efficient land utilization, BEZA is encouraging investors who have acquired land but have yet to begin operations to expedite development. “If these investors are unable to start development work, they are requested to return the land to Beza,” Harun stated.
Coordinated Efforts
Harun emphasized the importance of a coordinated approach across government departments to achieve BEZA’s objectives. “If BEZA can implement its plan to make five economic zones fully functional, this experience will guide future efforts,” he said.
Private Sector and KEPZ Integration
BEZA plans to advocate for improved utility services in private economic zones, fulfilling government promises to these sectors. Additionally, the Korean Export Processing Zone (KEPZ) will be brought under BEZA’s jurisdiction, simplifying operations after pending formalities are completed. Harun reiterated BEZA’s commitment to executing its time-bound plans and ensuring the zones become catalysts for economic growth and investment.
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