Prime Minister Sheikh Hasina will inaugurate the Japanese Economic Zone on TuesdayPrime Minister Sheikh Hasina will inaugurate the Japanese Economic Zone on Tuesday

News Desk: Bangladesh Special Economic Zone or Japanese Economic Zone will be officially inaugurated on Tuesday (December 6). This is expected to open a new horizon in attracting foreign direct investment (FDI) as well as Japanese investment in Bangladesh.

Prime Minister Sheikh Hasina will officially inaugurate the activities of the Japanese Economic Zone in Narayanganj on Tuesday (December 6).

A reputed multinational company like Singer has already started building their infrastructure in the economic zone and an agreement has also been signed with the German company Rudolph. Agreements with two more Japanese investors will be signed on December 6, the opening day of the Japan Economic Zone. In addition, 30 Japanese companies and 10 other companies from different countries have expressed interest in investing in this economic zone.

Bangladesh Economic Zone Authority (BEZA) Executive Chairman Sheikh Yusuf Harun said this in an exchange meeting with members of Bangladesh Development Journalist Forum (DJFB) at Beza office in Agargaon area of ​​the capital.

Managing Director of Bangladesh Special Economic Zone Limited Taro Kawachi, DJFB President Hamid Uz Zaman, DJFB members and senior officials of Beza were present in the event.

Baza Executive Chairman Yusuf Haroon said that once the Japanese Economic Zone is fully operational, it will be possible to sign agreements with several other companies soon. Then it will be possible to attract investment of 1.5 billion dollars in this zone and create primary employment opportunities for more than one lakh people.

In response to a question, he said, Singer will make an initial investment of 79 million dollars and chemical company Rudolph will make an initial investment of 7 million dollars.

He said no industry or organization under 'red category' would be allowed to set up their industries in any economic zone and every industry would have to set up ETPs. A central ETP will be set up by the concerned authorities.

In response to another question, Beza's executive chairman said that the land acquisition process for setting up the Japanese Economic Zone-2 has been completed. A proposal to set up another Special Economic Zone for Chinese investors is also awaiting approval from the Cabinet Committee on Economic Affairs (CCEA), he said.

Referring to the macroeconomic situation of the country, Yusuf Haroon said that the country is moving in the right direction to overcome the effects of the Russia-Ukraine war and the pandemic. He noted that the country has managed to overcome the foreign exchange crisis and despite the shock of the pandemic, the investment situation is now in good condition.

The executive chairman of Beza expressed optimism about the resumption of LNG imports soon, saying the government is exploring the possibility of allowing LNG imports through the private sector.

He said that the government has requested the Japan International Cooperation Agency (JICA) to set up skill development centers at Araihazaar in Narayanganj and Mirsrai in Chittagong.

Yusuf Haroon said a separate OSS center and a skills development center would be set up in the Japanese economic zone. Following an agreement signed in 2019, Beja and Japan's Sumitomo Corporation are setting up a Japanese economic zone here.

He said, so far, around 177 investment companies in five economic zones across the country have offered an overall investment of 22,173,177 million dollars with the aim of creating employment opportunities for 8,16,541 people.

These five economic zones are – Bangabandhu Sheikh Mujib Shilpa Nagar (BSMSN) at Mirsarai, Jamalpur Economic Zone, Sabrang Tourism Park, Maheshkhali Economic Zone-3 (Dhalghata) and Srihatt Economic Zone.

In addition, about 4 billion dollars have been invested in private economic zones to create employment opportunities for about 35 thousand people.

 

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