The Bangladesh Economic Zones (Amendment) Bill, 2023 was passed in the Parliament on Monday aiming to facilitate establishment of economic zone in the country in partnership with other counties on government-to-government basis.
Liberation War Affairs Minister AKM Muzammel Huq moved the bill which was unanimously passed by voice votes in the House with Speaker Dr Shirin Sharmin Chaudhury in the chair.
Under the new law, establishment of economic zones for information and communication technology (ICT) industries would be allowed within the areas of the city corporation, municipality and cantonment board.
The provision of the existing law will be relaxed. The existing law restricts establishment of economic zone within the areas of city corporation, municipality and cantonment board.
The necessity of incorporating the provision was found while several developed countries offered Bangladesh to invest in specialised economic zones that would be established on G2G basis.
The new law will facilitate establishment of such economic zone in the country.
Experts appreciated the opportunity of establishing economic zones for information and communication technology (ICT) industries in urban areas. They said that Bangladesh's export basket dominated mainly by garments needs to be diversified, where ICT can play the key role.
Garment sector accounts for 90 per cent of exports to European Union from the country, but ICT can be a very promising and important sector for the diversification.
