The governing body of the Korean Export Processing Zone (KEPZ), headed by the chief adviser, decided on Monday to fast-track its land registration and ease its bond licensing procedure to turn the key industrial park into a foreign direct investment hub.
Chief Adviser Prof Muhammad Yunus held the covering body meeting at his office at Tejgaon on Monday.
This was the first meeting of the KEPZ governing body presided over by the head of the state in nine years.
The meeting covered several important issues, including land rights, ports and customs, labour law, and investor support mechanisms.
The committee took executive decisions to complete the remaining land handover to KEPZ as quickly as possible, roll out the authorized economic operator model, ease the bond licensing procedure, and open dialogue on labour laws.
The committee also unanimously decided to decentralize authority and fast-track service by moving KEPZ out of CAO’s direct administration to BEZA.
These steps are expected to send a signal to the wider investment community that Bangladesh is open for business.
Chowdhury Ashik Mahmud Bin Harun, executive chairman, BIDA and BEZA, said: We must support our current investors to turn them into ambassadors. A separate temporary SWAT team was established within BIDA to identify and address key challenges in KEPZ.”
“We aimed to set an example, and today’s successful meeting shows that the government can act effectively and swiftly,” he said.
Lutfey Siddiqi, chief adviser's special envoy for International Affairs, said: "We hope that by listening and making necessary changes, we can quickly address the common concerns about our investment climate."
KEPZ, managed by Youngone Corporation, employs over 34,000 Bangladeshi workers across 48 advanced industrial units. Fifty-two percent of the 2,500-acre site is reserved for green spaces.
