Islamic Finance

Bangladeshi economic zones get $4.08b investment proposals in 2020

Published 04 Jan,2021 via The Financial Express - The country's Economic Zones or EZs received investment proposals worth $4.08 billion in the last calendar year, official figures have revealed.

Of the total investment proposals, $3.15 billion, including $545.21 million foreign investments, were reported amid the pandemic period, as per data available with the Bangladesh Economic Zones Authority (BEZA).

Foreign companies investing in Bangladesh's EZs include Berger Paints, Jiangsu Yabang Dyestuff, Jiehong Medical Products, CCECC Bangladesh, Fortis Group, Lizard Sports BV, and Inter-Asia group.

On the other hand, local investors include Metro Spinning Ltd, Maksons Spinning and Textiles, Samuda Food Products Ltd, Uttara Motors Ltd, Bangladesh Garment Manufacturers and Exporters Association (BGMEA), Sayeman Beach Resort Limited, Maf Shoes Ltd, N. Mohammad Plastic Industries Ltd, Ifad Autos Limited, Runner Motors Ltd, Saif Powertec, Delta Pharma Ltd, and Asia Composite Mills Ltd, among others.

BEZA Executive Chairman Paban Chowdhury said the investment made by the local and foreign entrepreneurs amid such tough times prove the worthiness of the EZs in Bangladesh.

"Now it is needless to say, how the EZs have become perfect destinations for investors," he said.

He identified the Bangabandhu Sheikh Mujib Shilpanagar (BSMSN) as an investment hotspot for the industrialists, thanks to the government's well-devised and long-term planning.

"It appears that we will be facing challenges to allocate land among investors in the next year if the investors keep showing interests like the way they are showing now," said the BEZA chief.

The BSMSN will be the investment and commercial capital city of future Bangladesh, he hoped.

According to data available with the BEZA, an investment promoting agency under the Prime Minister's Office, its governing body has so far approved locations and land areas for 97 EZs.

Of the total approved, 68 are under the government, while 29 are managed under private arrangements.

There are two EZs getting shaped under the public-private partnership, four EZs under the government to government (G2G), and three tourism parks.

Some 172 investors are in the process of availing 7,315 acres of land being allocated in five EZs including the BSMSN, Maheshkhali, Shrihatta and Jamalpur EZs and Sabrang Tourism Park, whose investment proposal is worth $23.97 billion.

Industrial units have completed investment of $3.1 billion in the EZs.

It is expected that the proposed investments will generate employments for around 1.0 million people.

Besides, the BEZA is gradually adding more services to its One Stop Service (OSS) aiming to facilitate the investment in the country.

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