Dhaka,(Barta24.com): Government has taken up an initiative to set up an economic zone for the Indian investors in the Bangabandhu Sheikh Mujib Industrial city at Mirsarai of Chattogram. In this direction Prime Ministers’ Office (PMO) has taken up a project. If it is implemented the Indian investors can be attracted, according to the concerned.
The concerned authorities said that this will help in earning foreign currency and the backward-forward linkage industry of the country will be flourished. Through using developed technology skilled man power will grow up. The cost of the proposed Indian economic zone has been estimated at Taka 919 crore 85 lakhs.
A number of officials of planning commission informed that after getting the proposal on last May 7 of outgoing year a meeting of project evaluation committee was held and several recommendations were made to place it in the next Executive Committee of National Economic Council (ECNEC) meeting to be held on April 9.
If the proposal gets nod of ECNEC meeting then within next June of 2020 the project will be implemented by Bangladesh Economic Zone Authority (BEZA).
PMO source said that recently Bangladesh has been promoted to developing country by fulfilling all the indicators. To continue this standard of Bangladesh, the government has taken up various plans through speeding up industrialization for economic development and creating employment opportunities. As part of this plan for achieving economic growth Bangladesh has kept its door open for attracting local and foreign investors. In the light of that policy BEZA in the economic zones is taking continuous endeavors to attract local and foreign investors.
For Indian investment in this project in last April of 2017 government has signed three loan agreements with Export-Import bank of India. In that agreement equal amount of Bangladesh currency of 100 million US dollar was proposed for financing the project. But in the joint meeting of India and Bangladesh delegation held in New Delhi on last December 12-13 of 2018 the line of credit (LOC) as the project aid was enhanced to 115 million dollar from 100 million dollar. The interest of that credit will be 1% while the loan will be repayable within 20 years except the grace period of 5 years.
The source further said that to ensure development of the country government has taken up a plan to set up 15 economic zones through BEZA in different places of the country from 2015 to 2030. Meanwhile in June of 2018 the approval to 79 economic zones were given. Of them 56 will be set up by government while the rest 23 will be set up by private entrepreneurs.
In the Bangladesh economic zone law of 2010 there is scope to set up special economic zones under G to G (government to government). In that light a special economic zone for Indian investors in the Mirsarai of Chattogram was taken up.
With this object, proposal was made to acquire one thousand acres of land by BEZA taking loan from government at interest rate of 1%. After the land acquisition process is over the construction work of the project will begin and when completed it will help create employment opportunities along with flourishing of trade and business.
Moreover this will help reducing migration to the capital and other important cities. Further through it balanced development of the country will be ensured enhancing investment. For these benefits the project was recommended in the PEC meeting of May 7 of 2018.
Planning commission member of Industry and Power division Shamima Nargis giving her opinion told that after the setting up of Indian economic zone there will be enough employment opportunities for a large number of both male and female workers of our country along with increase of production of industrial goods and thereby flourishing trade and business.
Furthermore the migration process of a large unemployed rural people to the capital and other cities will be remarkably reduced. Balanced development in the country will be ensured, she said.