Japanese Economic Zone to be launched Tuesday

The Bangladesh Special Economic Zone – also known as the Japanese Economic Zone – will be formally inaugurated on December 6, which is expected to open up a new horizon in attracting Japanese investment alongside FDI to Bangladesh.

Prime Minister Sheikh Hasina will formally inaugurate the operations of the Japanese Economic Zone at Araihazar in Narayanganj on that day.

Singer, a renowned company, has already started to build their infrastructures at this zone, while an agreement has also been signed with German company Rudolf. On the inaugural day, agreements will be signed with two more Japanese investors.

Besides, 30 more Japanese firms and 10 other firms of different countries have shown their interest to invest in that economic zone.

Executive Chairman of Bangladesh Economic Zones Authority (BEZA) Shaikh Yusuf Harun made the disclosure while addressing a view-exchange meeting with the members of the Bangladesh Development Journalists Forum (DJFB) today at the BEZA office in the capital's Agargaon area.

Managing Director of Bangladesh Special Economic Zone Limited Taro Kawachi, DJFB President Hamid Uz Zaman, DJFB members and other BEZA high officials were present, among others, on the occasion.

Harun informed that it would be possible to sign agreements with few more companies soon while once the Japanese Economic Zone becomes fully operational, then it would be possible to attract investments worth $1.5 billion at this zone alongside creating initial employment opportunities for more than one lakh people.

Answering a question, Harun informed that Singer would make an initial investment of $79 million while chemical company Rudolf would make an initial investment of $7 million.

Answering another question, he said no industry or company under “Red Category” would be allowed to set up their industries at any of the economic zones while each and every industry would have to set up ETP.

A central ETP would be set up by the concerned authorities.

Replying to another question, the BEZA Executive Chairman said that the operations for land acquisition to set up the Japanese Economic Zone-2 have been completed.

Besides, he informed that a proposal is also awaiting nod from the Cabinet Committee on Economic Affairs (CCEA) for setting up another special economic zone dedicated for the Chinese investors.

Touching upon the macroeconomic situation of the country, Harun said that the country is moving towards the right direction to overcome the impacts of the Russia-Ukraine war and the pandemic.

He mentioned that the country has been able to overcome the crisis of foreign currency while the investment situation is also now in good shape despite the shocks of the pandemic.

The BEZA Executive Chairman was very much optimistic about restoring the import of LNG soon adding that the government is scrutinizing the possibility of allowing import of LNG by the private sector.

He informed that the government has requested the Japan International Cooperation Agency (JICA) to set up skilled development centres at Araihazar in Narayanganj and at Mirsarai in Chattogram.

Harun said a separate OSS Centre and a skills development centre would be set up at the Japanese Economic Zone. The Japanese Economic Zone is being set up by BEZA and Sumitomo Corporation of Japan following an agreement signed between the two organizations back in 2019.

Harun informed that in the countrywide five economic zones till date, some 177 investors have made an overall investment proposal of $22,173.177 million aiming to create employment opportunities for some 8,16,541 people.

These five economic zones are Bangabandhu Sheikh Mujib Shilpa Nagar (BSMSN) at Mirsarai, Jamalpur Economic Zone, Sabrang Tourism Park, Moheshkhali Economic Zone-3 (Dhalghata) and Srihotto Economic Zone.

Besides, around $4 billion has already been invested at the private economic zones creating employment opportunities for some 35,000 people.