The Bangladesh Economic Zones Authority (Beza) is going to organize a land handover ceremony for developing the 500-acre Japanese Economic Zone.
Narayanganj District Administration will hand over the land—located in Araihazar upazila—to Beza at its conference room on Sunday.
Speaking about the initiative, Beza Executive Chairman Paban Chowdhury, said: “Establishment of an economic zone for Japan is a great move, which will prove that Bangladesh is a lucrative place for foreign investors."
On March 5, the Executive Committee of the National Economic Council (Ecnec) approved the economic zone for Japanese investors, who are expected to spend Tk2,127.82 crore for development of the zone.
While briefing reporters after the meeting, Planning Minister MA Mannan had said the project will be implemented by June 2023.
He added that the total project cost is Tk2,582.18 crore, Tk454.35 crore of which will come from the government fund, while the remaining Tk2,127.82 crore will come as project assistance from Japan through the Japan International Cooperation Agency (JICA).
As the project-implementing agency, Beza will develop the land; construct roads; and set up a power plant, a substation, transmission lines, and gas pipelines in the economic zone.
Previously, a decision to set up a special economic zone for Japanese investors was taken during the visits of the Prime Ministers of both Bangladesh and Japan to each others' respective countries in 2014.
