Japan wants to have an economic zone in Narayanganj for their own investment while process to start construction of another zone in Gazipur is close to be completed.
“They (Japanese investors) are interested in setting up an economic zone in Narayanganj and have already selected a plot,” Bangladesh Economic Zone Authority (BEZA) Executive Chairman Paban Chowdhury told the Dhaka Tribune yesterday.
BEZA sources said Japan was willing to build economic zones in and around Dhaka and Chittagong cities to increase the number of Japanese enterprises in Bangladesh. The Japanese investors have taken Bangladesh’s cheap labour and large domestic market into account to expand their ventures here.
Paban Chowdhury said BEZA has already acquired the land for the Gazipur project.
“It will take nearly a month to finalise everything with Japanese government and respective agencies before starting implementation of the project in Gazipur,” he said. The project will be implemented on 510 acres of land at Sreepur upazila.
He said the BEZA would sit with the Japanese agencies on August 19 to discuss the issues.
BEZA recently sought Tk826.87 crore from Finance Division for development of lands for Japan and China economic zone projects.
Chinese Economic and Industrial Zone (CEIZ) will be developed at 774 acres of land at Anwara upazila in Chittagong for the Chinese entrepreneurs.
The funding for land development for the mega economic zones will be generated from Annual Development Programme (ADP) of Bangladesh, according to a government decision finalised on January 21, 2015.
Japan International Cooperation Agency (JICA) has preferred lands in five locations close to the two cities. It plans to organise trips for the Japanese and local investors to explore the possibility of direct and joint-venture investments.
BEZA sources said the JICA would make financial proposal for the proposed zones after the sites were selected.
Japanese investors interest to develop economic zones came after reciprocal visits by Prime Minister Sheikh Hasina and her Japanese counterpart Shinzo Abe last year.
