The governing body of the Korean Export Processing Zone (KEPZ), headed by the Chief Adviser of the interim government, decided on Monday to fast-track its land registration and ease its bond licensing procedure to turn the key industrial park into a foreign direct investment hub.
Chief Adviser Prof Muhammad Yunus convened the governing body meeting for the KEPZ at his office at Tejgaon in Dhaka, reports UNB.
This was the first meeting of the KEPZ governing body presided over by the head of the state in nine years, said the Chief Adviser's press wing.
The meeting covered several important issues, including land rights, ports and customs, labour law, and investor support mechanisms.
The committee took executive decisions to complete the remaining land handover to KEPZ as quickly as possible, roll out the authorised economic operator model, ease the bond licensing procedure, and open dialogue on labour laws.
The committee also unanimously decided to decentralise authority and fast-track service by moving KEPZ out of CAO's direct administration to BEZA.
These steps are expected to send a signal to the wider investment community that Bangladesh is open for business.
Chowdhury Ashik Mahmud Bin Harun, Executive Chairman of BIDA and BEZA, said, "We must support our existing investors to make them our ambassadors. As a test case, a separate SWAT team was set up in BIDA to identify key challenges in KEPZ and resolve them."
"We wanted to set an example. And today's successful meeting demonstrates government can also execute in pace," he said.
Lutfey Siddiqi, Chief Adviser's Special Envoy for International Affairs, said, "Today's result illustrates a new style of government that operates with clear intent and focused execution. We hope that a virtuous cycle of feedback and responsive reforms will make many of the grievances about our investment climate out of date very soon."
KEPZ, primarily operated by Youngone Corporation, currently employs over 34,000 Bangladeshis in 48 state-of-the-art industrial units. Fifty-two per cent of the 2,500-acre area is left for green.
