Bangladesh Investment Development Authority (BIDA) has won the prestigious FEMOZA award by FEMOZA - The World Free & Special Economic Zones Federation.
The Board of FEMOZA in a recent message sent to BIDA confirmed the selection of the BIDA for the FEMOZA Award during the FEMOZA Awards ceremony scheduled on November 14, 2019.
The award will be handed over in The SU-Meet in Monaco, a sovereign city-state on the French Riviera in Western Europe during November 13-15, 2019.
“On behalf of the Board of FEMOZA, we have the honour and pleasure of confirming that BIDA has been selected to receive an FEMOZA Award during the FEMOZA Awards ceremony scheduled on November 14, 2019,” the statement issued from FEMOZA read.
The Board of the Geneva-based non-profit non-governmental organisation working to further free zones around the world to them develop, especially, in emerging nations and countries in transition, earlier nominated BIDA for the award.
FEMOZA’s functions involve offering experience, issuing norms, rules and processes, training professionals and assisting with technical, legal and economic support for free zones around the world, helping them set up, develop and grow.
It ensures free zones such as export processing zones (EPZ), industry, trade, services, tourism, logistics, free port, bonded warehouse through sharing experiences as well as information and technology.
Studying the changes in international law which may affect or restrict free zone facilities and operational advantages, FEMOZA held protect free zones so that they keep revitalising the economy.
The organization has selected BIDA for the award as Bangladesh is a winning combination with its competitive business-friendly environment and cost structure that can give the investors best returns for its industrious but low-cost labour forces, strategic location, regional connectivity and worldwide access, BIDA sources said.
Bangladesh has a strong local market and growth, low cost of energy, proven export competitiveness, competitive incentives, export and economic cones, the source added.
Besides, the prevailing positive investment climate is considered as one of the most attractive investment destinations among the global entrepreneurs where risk factors of foreign direct investment (FDI) are the minimum in Bangladesh, he added.
The country has emerged as one of the top exporters of readymade garments to US and Europe for the quality of the products as well as their price competitiveness.