BEPZA signs $100m investment deals last month
FE Report | Thursday, 21 August 2008
Foreign investment in the country's export processing zones increased last month as leading shoe manufacturers have started to relocate their factories amid European Union's decision to scrap special facilities offered to Vietnam, officials said on Tuesday.
They said Bangladesh Export Processing Zones Authority (BEPZA) signed deals worth nearly US$100 million in July this year with nine different companies.
"We have signed agreements for investments worth over $95 million last month," a senior official of the BEPZA said.
Top executive of the country's Export Processing Zones Brigadier General Jamil Ahmed Khan said: "We now need to enhance our capability which is very important to woo more investors."
Agreement signed for investment in the EPZs in July this year marked over 58 per cent growth compared to that of the same period of last fiscal year as the decision of EU paved the way of boosting foreign investment here.
The union of the 27 nations has scrapped the Generalised System Preferences (GSP) facility for Vietnam-made footwear arguing that the South East Asian country, which earned almost US$ 4.0 billion last year from exports of footwear, no longer qualifies because of the relative strength of its industry.
The EU GSP provides 176 least developing countries preferential treatment through lower tariff or duty-free access in a bid to aid development of their economies.
Of total investment agreement signed in July, the BEPZA official said around $38 million was for establishment of footwear factories in Karnaphuli EPZ in Chittagong.
They said Bangladesh Export Processing Zones Authority (BEPZA) signed deals worth nearly US$100 million in July this year with nine different companies.
"We have signed agreements for investments worth over $95 million last month," a senior official of the BEPZA said.
Top executive of the country's Export Processing Zones Brigadier General Jamil Ahmed Khan said: "We now need to enhance our capability which is very important to woo more investors."
Agreement signed for investment in the EPZs in July this year marked over 58 per cent growth compared to that of the same period of last fiscal year as the decision of EU paved the way of boosting foreign investment here.
The union of the 27 nations has scrapped the Generalised System Preferences (GSP) facility for Vietnam-made footwear arguing that the South East Asian country, which earned almost US$ 4.0 billion last year from exports of footwear, no longer qualifies because of the relative strength of its industry.
The EU GSP provides 176 least developing countries preferential treatment through lower tariff or duty-free access in a bid to aid development of their economies.
Of total investment agreement signed in July, the BEPZA official said around $38 million was for establishment of footwear factories in Karnaphuli EPZ in Chittagong.