WB sees new economic zones to spur growth06 March 2014
Business Desk :
The World Bank (WB) said that the planned three economic zones would help spur Bangladesh's economic growth by attracting investments and creating jobs.
Last month the Export Processing Zone Authority (BEPZA) in a study found setting up of economic zones in three specified areas would be viable for the country's industrial and economic growth. The proposed economic zones will be at Sherpur in Maulvibazar district and Mirershorai and Anwara in Chittagong district.
Among the three economic zones, the first one will be on 353 acres of land at Sherpur. Around 40,706 workers would be employed in this economic zone, which is likely to be completed by 2018 at an estimated cost of $90 million. Construction work of this economic zone would begin next year.
Mirershorai Economic Zone will be set up on 6615.12 acres at a cost of $847 million, which will accommodate garment, garment accessories, textiles, machinery parts, bike and automobile assembling. The construction of this project will start in 2017 and is expected to be completed by 2025 when it will create jobs for 578,751 workers.
The economic zone in Anwara will be established on 1,389 acres. This will be especially for shipbuilding, shipbuilding components, steel, automobile parts, leather goods and pharmaceuticals.
This zone will have direct sea access, enabling it to attract waterfront industries such as shipbuilding, steel and cement industries. Construction of this economic zone would start in 2023 with an estimated cost of $239 million.
The WB in a statement on Wednesday said these three economic zones would be a strategic instrument for attracting domestic and foreign investment, creating jobs and accelerating growth.
The WB, together with Department for International
Development of United Kingdom (UK-DFID) and the International Finance Corporation (IFC), is supporting the government to develop economic zones through the Private Sector Development Support Project (PSDSP).