The government is likely to prepare a master plan for setting up economic zones (EZs) in coastal areas and stop their establishment in a scattered way, sources said.
A move has been initiated after both local and foreign investors have expressed their deep interest to set up their industrial units in the EZs in coastal areas considering various advantages, especially transportation of both raw and finished goods alongside machinery, they added.
The Prime Minister's Office (PMO) has welcomed the investors' interest to bring in their investment in the EZs.
Officials said the PMO wants the EZs to be established under a long-term plan instead of setting them up here and there.
In a recent meeting, the PMO decided to coordinate development plans in coastal areas and prepare a master plan for building EZs along the coast of the Bay of Bengal.
After the meeting, the PMO asked the concerned ministries and departments to submit their short, medium and long-term development plans and economic activities in coastal zones to it for better coordination.
A senior official at the Ministry of Shipping told the FE that the government these days was attaching utmost importance to economic zones to accelerate the country's economic growth and generating employment.
He said during Prime Minister Sheikh Hasina's recent visits to China and Japan, the possibility of setting up of separate economic zones for investors from Beijing and Tokyo was discussed.
Foreign businessmen from many other countries have also sought special economic zones to facilitate their investment.
"Facilitating foreign investment in Bangladesh will help it to reduce trade gap with many countries since its export volume is still meagre. The government is also taking this into consideration in facilitating foreign investment in EZs," said a senior official at the Ministry of Commerce (MoC).
He said the government has planned to provide 8,000 acres of land in Chittagong to Japanese investors for setting up a special economic zone (SEZ), as pledged by the PM.
Providing land to Chinese investors for setting up economic zone is also under consideration, he added.
Another MoC official said a move is underway for creation of 15 million new jobs in next 10 years through establishing more economic zones by grabbing the looming opportunity of Chinese relocation of labour-intensive industries abroad.
He said the government has already finalised the private economic zone policy allowing individuals to set up such zones across the country. So, several numbers of EZs from government, private sector and foreigners will be set up in the near future.
The official said coastal areas will get preference in setting up of EZs considering various advantages. So, a proper plan is needed for establishment of economic zones in coastal areas, he added.
The World Bank recently proposed that the government should enable development of 40,000 acres of land for creation of new industrial zones across the country to facilitate both foreign and local investment aiming at increased employment creation.
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