Govt sets up top body to ease investment in private EPZs

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FE Report
The country's lone private export processing zone gets a boost in wooing entrepreneurs as the government has formed a high powered body to ease foreign investment in the industrial park.
Executive Chairman of Board of Investment (BoI) heads the committee, which will formulate rules and regulations on export and import trades of the companies operating in a private EPZ.
The committee, constituted last week, would prepare the rules on a fast-track basis and submit them to the next Board meeting of the Bangladesh Export Processing Zones Authority (BEPZA), which is headed by the prime minister.
The body formed under the Bangladesh Private EPZ law, 1996 would also ease hassles in obtaining work permit for foreigners and company registration in the private EPZs.
The move comes as the country's first private EPZ prepares to woo investment in its 2500-acre facility on the bank of the river Karnaphuli in Chittagong.
The Korean EPZ has already per-mitted its sister company, Youngone Corporation, to set up the country's largest footwear manufacturing firm at the industrial park.
Youngone has said it would invest around $120 million in the proposed footwear company, expected to start operation next year and would create jobs for more than 30,000 people.
Officials said once it goes into operation, the new company would need a number of permits and registration to export its goods, import raw materials and allow foreigners to work in the park.
The Korean EPZ authorities have said they would invite investment in the park next year, provided it rides out the energy crisis now affecting new factories in Chittagong district.
The newly formed committee will also expedite foreign trade procedures for the investors under the existing private EPZ law, 1996.
It will also provide guidelines on existing tax benefits and customs regime after scrutinizing the pros and cons of the country's revenue laws.