Govt to enact new law to woo investment for hi-tech parks
Sunday, 16 August 2009
Doulot Akter Mala
The government has moved to enact a new law empowering an authority to establish six hi-tech parks across the country to boost foreign investment in the key information and communication technology sector.
Ministry of science and information technology has prepared a draft 'Hi-tech park authority law-2009', which stipulates creation of a high-powered body to manage and woo investment for the specialised industrial parks.
The move comes, just a couple of months ahead of the formal opening of the country's lone hi-tech park in Kaliakoir, which would need amendment of a raft of legislations for its full take-off.
"We are drafting a law that will pave the way for luring foreign investment in the hi-tech parks and clear all legal hurdles for their establishments and operation," a senior government official said.
The new laws have become a necessity for full "operationalisation of the parks as goods and services to be produced in the specialised zones could conflict with the country's existing labour, patent and copy-right acts.
"The law would be enacted very soon. It is absolutely needed to bring discipline in the newly emerging sector," he said, adding many other countries have already framed similar laws.
He said the government has also planned to build another five hi-tech parks to create hundreds of thousands of white color jobs and make Bangladesh a major exporter IT software, hardware and services.
The proposed authority to be empowered under the new law would take up the tasks to suspend or modify 16 laws of the country, he said.
The key laws expected to be modified are: the stamp act 1899, the companies' act 1913, the excise and salt act 1944, the foreign exchange regulation act, the employment of labour (standing orders) act, the industrial relations ordinance, the land development tax ordinance, the income tax ordinance, the municipality taxation act, the explosives act, the boilers act and the electricity act.
The park authority will expedite export of products produced in the special economic zone and ensure enforcement of international standards and quality rules.
The authority will acquire lands for the hi-tech park in line with the acquisition and requisition of immovable property ordinance, 1982, the draft law said.
After selection of land, the hi-tech park authority can declare a land as a park with all the legal facilities of a specialized industrial zone, it added.
Local or foreign banks could operate their banking transaction in the hi-tech park with permission of the authority and the central bank. It can take loans with prior permission of government.
Investors in the park will get special duty facility to export and import their products, the draft said.
High tech park authority can sign any agreement to boost investment in the park. It will encourage public-private investment to develop and operate the parks.
The government has moved to enact a new law empowering an authority to establish six hi-tech parks across the country to boost foreign investment in the key information and communication technology sector.
Ministry of science and information technology has prepared a draft 'Hi-tech park authority law-2009', which stipulates creation of a high-powered body to manage and woo investment for the specialised industrial parks.
The move comes, just a couple of months ahead of the formal opening of the country's lone hi-tech park in Kaliakoir, which would need amendment of a raft of legislations for its full take-off.
"We are drafting a law that will pave the way for luring foreign investment in the hi-tech parks and clear all legal hurdles for their establishments and operation," a senior government official said.
The new laws have become a necessity for full "operationalisation of the parks as goods and services to be produced in the specialised zones could conflict with the country's existing labour, patent and copy-right acts.
"The law would be enacted very soon. It is absolutely needed to bring discipline in the newly emerging sector," he said, adding many other countries have already framed similar laws.
He said the government has also planned to build another five hi-tech parks to create hundreds of thousands of white color jobs and make Bangladesh a major exporter IT software, hardware and services.
The proposed authority to be empowered under the new law would take up the tasks to suspend or modify 16 laws of the country, he said.
The key laws expected to be modified are: the stamp act 1899, the companies' act 1913, the excise and salt act 1944, the foreign exchange regulation act, the employment of labour (standing orders) act, the industrial relations ordinance, the land development tax ordinance, the income tax ordinance, the municipality taxation act, the explosives act, the boilers act and the electricity act.
The park authority will expedite export of products produced in the special economic zone and ensure enforcement of international standards and quality rules.
The authority will acquire lands for the hi-tech park in line with the acquisition and requisition of immovable property ordinance, 1982, the draft law said.
After selection of land, the hi-tech park authority can declare a land as a park with all the legal facilities of a specialized industrial zone, it added.
Local or foreign banks could operate their banking transaction in the hi-tech park with permission of the authority and the central bank. It can take loans with prior permission of government.
Investors in the park will get special duty facility to export and import their products, the draft said.
High tech park authority can sign any agreement to boost investment in the park. It will encourage public-private investment to develop and operate the parks.