Only three country-specific special economic zones (SEZs) have so far made some progress in implementation and, of them, the Japanese one made the faster headway and was getting ready to host foreign direct investment (FDI) by 2021, sources said.
They said that though Saudi Arabia and South Korea also showed interest in establishing their SEZs, there was no further progress in sight.
Bangladesh Economic Zones Authority (BEZA) has been readying the land and infrastructure of the SEZs for China, India and Japan under the government-to-government arrangements.
BEZA officials said land selection for the three SEZs was finalised, but land and infrastructure development work was yet to get momentum.
BEZA executive chairman Paban Chowdhury said that though the work on establishing all the SEZs was going on, some plots for Japanese investors would be ready by the end of 2021.
He, however, said land selection for the SEZs for China and India was finalised but all the negotiations and agreements were not completed.
BEZA has completed formation of a special purpose company, appointment of a land developer and consultants for the Japanese SEZ after a feasibility study and selected 1,000 acres of land at Araihazar of Narayanganj.
Sumitomo Corporation of Japan, Nippon KOEI and TOA Corporation was selected for the JSEZ joint venture special purpose company, consultant and land developer during 2019 and January this year.
China has chosen nearly 783 acres of land at Anowara of Chattogram, on the other side of the Karnaphuli river, as the place for Chinese Industrial Economic Zone (CIEZ) while India selected two sites at Mirsorai and Bagerhat within the Bangabandhu Sheikh Mujib Industrial City.
Some 783 acres of land for CIEZ have been acquired and the Chinese government has given assurance of providing US$ 280 million for development of off-site infrastructure.
BEZA has signed a shareholder agreement with China Harbour Engineering Company which would develop necessary infrastructure after land development. However, a land development agreement is yet to be signed.
The Indian government has allocated $ 115 million under its 3rd Line of Credit for the ISEZ and, BEZA signed agreements with Adani Ports and Special Economic Zone Limited in July last to start the implementation work after completing necessary negotiations.
According to the BEZA annual report, Japan has provided $ 135.31 million for development of JSEZ under an FDI investment promotion project.
The BEZA has acquired 500 acres of land out of 1,000 acres of JSEZ under a Tk 32 billion project. Another project is being implemented for infrastructure development with Tk 25 billion financial support from the JICA.
The BEZA executive chairman said that after completion of land development work, the special purpose company would develop on-site infrastructure to hand over industrial plots to the investors.
The country would start witnessing investment from big Japanese companies by 2022, he said.
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