The Finance Minister of Bangladesh, AHM Mustafa Kamal, announced that the government is committed to increasing export earnings by approximately $40 billion through the establishment of 100 economic zones across the country.
During the presentation of the Tk 7.62 trillion national budget for the fiscal year 2023-24 at the Jatiya Sangsad in Dhaka, Kamal expressed his hopes for the additional export of products from Bangladesh, equivalent to $40 billion once all the economic zones become operational.
Kamal emphasized that the government is actively working on setting up these economic zones to attract domestic and foreign investments, aiming to provide employment opportunities to 10 million people.
The economic zones will offer various facilities, including undisputed land, improved infrastructure, uninterrupted utilities, financial incentives, and simplified business processes through a one-stop service center. Additionally, customs offices will be established within the economic zones to streamline the export and import procedures.
The Finance Minister disclosed that 97 economic zones have already received approval, with 187 enterprises in 29 zones being allocated land. Moreover, 38 enterprises have commenced operations, while construction is underway for 70 more. The total investments in these zones have already reached $23 billion.
Notably, the Bangabandhu Sheikh Mujib Industrial City, spread over 33 thousand acres of land, is being developed and set to become the largest industrial city in South and Southeast Asia.
Kamal highlighted the establishment of the Japan Economic Zone through a partnership between the governments of Bangladesh and Japan.
The government is also in the process of setting up an Indian Economic Zone spanning 856 acres of land to attract Indian investors.
Plans for a Chinese Economic and Industrial Zone on 783 acres of land in Anwara, Chattogram, are underway.
The creation of these economic zones reflects the government’s commitment to fostering economic growth, attracting foreign investments, and generating employment opportunities for the people of Bangladesh.
The government hopes to bolster the country’s export earnings and stimulate overall economic development with these initiatives.