Bangladesh Economic Zones Authority (Beza) has signed a joint venture agreement with Sumitomo Corporation of Japan for the development of an exclusive economic zone for Japanese investors.
This special economic zone for Japanese investors is going to be developed at Araihazar upazila in Nayaranganj alongside Dhaka-Syhet Highway.
The signing ceremony took place at Hotel InterContinental Dhaka
According to the agreement, the new economic zone will be developed on 1,000 acres of land of which the government has already acquired 500 acres in phase-1 while the remaining 500 acres are under the land acquisition process as part of phase-2.
The location of the economic zone is 37 km away of Gulshan in the capital and it will be named as Bangladesh Special Economic Zone (BSEZ).
Md Nojibur Rahman, principal secretary to the prime minister, attended the program as chief guest.
Principal Coordinator (SDG affairs) Md Abul Kalam Azad; Takheshi Ito, minister at Japanese embassy in Bangladesh; Yoshibumi Bito Senior Representative of Jica Bangladesh Office and Yasushi Fukuda general manager, Sumitomo Corporation were present as special guests.
Paban Chowdhury, executive chairman of Beza, chaired the event.
Md Shohelur Rahman Chowdhury general manager of Beza and Yasushi Fukuda singed the joint venture agreement on behalf of their entity.
According to the agreement, the Sumitomo Corporation will have 76% stake while the remaining 24% will be held by Beza.
Speaking about the initiative, Beza Chairman Paban, said: “Establishment of an economic zone for Japan is a great move, which will prove that Bangladesh is a lucrative place for foreign investors.”
project will be implemented by June 2023″ he added
Our sources informed us, the proposed economic zone is being developed exclusively for Japanese investors as the follow-up of a decision taken during prime minister Sheikh Hasina’s visit to Japan in May 2014 and Japanese prime minister’s visit to Bangladesh in September the same year.
The Executive Committee of the National Economic Council (ECNEC) has already approved a Tk 25.82 billion project to this end and Japanese multilateral donor Japan International Cooperation Agency (JICA) is financing the project.
When Beza moved to develop the project following the ECNEC approval, JICA advised it to invite expression of interest from experienced Japanese investors to develop the proposed economic zone. Especially, the officials said, those Japanese firms were invited for the project which have vast experiences to develop such projects.
Leading Japanese firm Sumitomo Corporation responded to the BEZA’s invitation and came up with its own proposal to develop the economic zone.