Country’s under construction Special Economic Zones (SEZs) are likely to get Tk 2.75 lakh crores as budget allocation for the fiscal 2020-21, expecting the export earnings will increase by additional US$40 billion and 30 million more jobs will be created by 2030 after the implementation.
In the proposed budget for the fiscal year 2020-21, finance minister AHM Mustafa Kamal said, development works of almost Tk 1,007 crore are continuing in the government economic zones. Among them, Bangabandhu Sheikh Mujib Shilpa Nagar (BSMSN) is being developed as the largest planned and modern industrial zone in the country”.
The minister also informed that, “US$ 20.25 billion or equivalent to Tk 1,72,125 crore has already been invested in these economic zones. Of the total, US$ 17 billion has been invested in the public economic zones and US$ 3.25 billion invested in private economic zones”.
Relevant sources said, “The government is eyeing to generate some three crore employment opportunities and boost export earnings by around $40 billion through the establishment of 100 economic zones across the country by 2030”.
“So far, out of 100, 93 SEZs have been approved. In the private sector, 11 SEZs have been approved, of which eight have been started activities. Investment in these SEZs will increase productivity and create employment opportunities in the country's industrial sector,” they informed.
According to Bangladesh Economic Zone Authority (BEZA) [responsible for establishing and managing of state-run special economic zones (SEZs) across the country], it has received investment proposals of around US$ 20.50 billion from 151 local and foreign business entities till now. In the meantime, $2.8 billion has already been invested in different SEZs.
Around $4.808 billion will come as a foreign direct investment (FDI) from different companies in Japan, China, South Korea, India, Thailand, Australia, the UK, the Netherland, and the USA. Of the proposed US$ 4.808 billion investment, US$ 550 million (0.55 billion) has invested so far. World-famous companies such as Honda Motors, Sumitomo Nippon, Asian Paints, Barger Paints, Adani Group, Wilmar, Yabang, Siam Group, TIC Group, Unilever, Sakata Inch, and Chain Harbour are the major foreign investors.
BZEA executive chairman Paban Chowdhury recently said, “Many world-renowned foreign companies are coming up with big investment proposals. Their interest in the economic zones has opened the door to the immense potential for the economy of Bangladesh”.
“As per a move to make the country an industrial hub in the world we have already eight state-run SEZs, these are, Mirsarai Economic Zone, Mirsarai Economic Zone 2A, Mirsarai Economic Zone 2B, FeniEconomic Zone and SBG Economic Zone under the Bangabandhu Sheikh MujibShilpa Nagar (BSMSN), Jamalpur Economic Zone, Shreehatta Economic Zone, and Mongla Economic Zone”, he added.
As per BEZA information, many entrepreneurs from home and abroad have already started construction works of their industrial units in the economic zones, while many are taking preparations to set up factories there.
It is to be noted, Jinyuan Chemical Industry Limited, a sister concern of the Chinese ZhuzhouJinyuan Chemical Industry Company Limited, has already set up their factory in the BSMSN at Mirsarai, Sitakundu and Sonagazi upazillas under Chattogram and Feni districts.
Another 12 other SEZs which is mulling to be set up are – Gopalgonj EZ-1 in Kotaliparaupazila under Gopalganj district, Sitakundo Economic Zone, Tangail Economic Zone, Manikganj Economic Zone, Bhola Economic Zone, Nababganj Economic Zone, Sylhet Special Economic Zone, Chandpur Economic Zone, Jamalpur Economic Zone-2, Nilphamari Economic Zone, Araihazar Economic Zone-2 and Panchagarh Economic Zone.
The 11 private economic zones who obtained the final license are Meghna Economic Zone, Abdul Monem Economic Zone, Aman Economic Zone, Bay Economic Zone, Meghna Industrial Economic Zone, City Economic Zone, Sirajganj Economic Zone, Karnaphuli Dry Dock Special Economic Zone, East West Special Economic Zone, Kishoreganj Economic Zone and Hosendi Economic Zone.