Land development at Japanese EZ begins in Dec


Economic Reporter :
Bangladesh Economic Zones Authority (BEZA) is going begin the land development works of the Japanese Economic Zone (EZ) in December this year as all necessary procedures in this regard have almost been completed.
“Japanese EZ is being set up at Araihazar in Narayanganj on some 1,000 acres of land. We have already acquired 500 acres of land. Out of another the 500 acres, the acquisition of around 200 acres of land is under process,” an EZ senior official said.
He said BEZA is going to appoint developer for land filling of the economic zone under a Japan International Cooperation Agency (JICA) project, titled “Infrastructure Development of the Japanese Economic Zone”.
“Tender process has already been completed. We will appoint a developer soon for land filling,” he added.
The official hoped that the investors at the Japanese EZ would set up planned and environment-friendly industries.
Through establishment of this EZ, he said, planned industrialization would be ensured side by side many new employment opportunities would be created.
After the exchange of visits of the Prime Ministers between the two countries in 2014, the number of Japanese inventors in Bangladesh is increasing day by day. Now, Japanese business community has started to pay attention to Bangladesh as the next destination of investment.
Following this trend, the government of Bangladesh and JICA signed a loan agreement of Foreign Direct Investment Promotion Project (FDIPP), and Bangladesh government decided to establish Japanese EZ as a joint venture project based on the G2G provisions of the Bangladesh Economic Zones Act 2010 in cooperation with JICA.
The goal of the project is to expand the facilities of diversifying industries to produce various commodities, to create friendly environment for attracting Japanese and local investment and to reduce poverty and improve standard of life by generating employment for sustainable economic development.