Bangladesh's export processing zones (EPZ) have paid a lot of dividends in terms of spreading our country's reach to the rest of the world, as they have proven themselves to be an incredibly important tool in easing our exports.
In fact, it was only two months ago that Bangladesh Export Processing Zones Authority witnessed an all-time high growth with exports soaring over 30% and investments over 20% compared to that of last year. It is indisputable that Bangladesh is seeing increasing interest as a global hub of business and commerce from other nations.
Which is why it is all the more frustrating that our EPZs are now witnessing a number of profiteering bad actors who only want to fill up their coffers at the expense of the potential adverse impact their actions stand to make on our EPZs; as, according to customs intelligence, numerous overseas shell companies are taking advantage of the fiscal incentives offered by EPZs.
These bad actors are also taking advantage of our EPZs to carry out offenses such as the import of restricted or banned products, money laundering, smuggling, duty evasion, and the abuse of bonded-warehouse facilities among others.
To call this situation frustrating would be underselling it.
It is important to note that these irregularities manage to persist despite safeguards being in place to avoid them. Which points to either gross negligence on the part of the relevant authorities or, worse, corruption taking root. Given our country's storied culture of corruption and heavy-handed bureaucracy within government ranks, the answer is most likely the latter.
This needs to stop.
If we have the capacity to detect such malfeasance then we should also have the capacity to clamp down on it. Bangladesh is at a critical juncture in its long-term economic trajectory; for it to be impacted by the greed of a few would be an absolute travesty.
