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BEZA boosts efforts to develop economic zones in Bangladesh

  • Published at 12:36 am March 16th, 2017
  • Last updated at 12:59 am March 16th, 2017
BEZA boosts efforts to develop economic zones in Bangladesh
Bangladesh is going fast in developing economic zones across the country that will bolster the country’s economic growth through boosting exports and creating employment opportunities, speakers have said. They made the comment while speaking at an investment promotion seminar organised by Bangladesh Economic Zones Authority titled “Attracting Investment In Economic Zones of Bangladesh” at a city hotel on Wednesday. The seminar was targeted to promote the upcoming economic zone projects of the BEZA to the potential zone developers and unit investors. Speaking at the inaugural session of the seminar, Prime Minister’s Office principal secretary Dr Kamal Abdul Naser Chowdhury said zone developers, unit investors and other stakeholders would get prompt, time-bound and hassle-free services from economic zones. National Board of Revenue (NBR) Chairman Md Nojibur Rahman said his organisation is providing all sorts of support to BEZA in formulating an investment-friendly tax pattern for the investors to develop economic zones. “We have already issued Bangladesh Economic Zones Warehousing Station Rules, 2015 for declaring all economic zones as bonded warehousing station, and under this system the unit investors will import raw materials without paying Import Duty and VAT,” he said. Developers or unit investors of the economic zones can enjoy tax holiday of different margins up to first 12 years and 10 years from the beginning of their business activities in economic zones, he added. PMO senior secretary Suraiya Begum said location, connectivity and utility services are three significant attributes to determine the success or failure of an economic zone. Presence of sea, air or land port, well developed road network, telecommunication system, etc, were considered thoroughly while approving the zones in the meeting of BEZA Governing Board so that the zone can offer producers an easy access to the local and global market, she said. Suraiya assured the business personalities present at the seminar of providing utility services in the economic zones at a competitive rate. Federation of Bangladesh Chamber of Commerce and Industry (FBCCI) president Abdul Matlub Ahmed said BEZA has been ensuring congenial environment for investors including offering attractive fiscal incentives to investors, and is working to provide online One-Stop Services to the investors which would ensure hassle-free investment climate for the private sector. Bangladesh Garments Manufacturing and Exporters Association president Md Siddiqur Rahman said development of Economic Zones with consistent support from private sector will provide necessary impetus for achieving an even higher targeted growth rate in GDP. BEZA Executive Chairman Paban Chowdhury highlighted economic activities. The government has set a target to establish 100 economic zones that would create employment of 10 million people and generate additional 40 billion exports.