Business Desk :
The creation of a Japanese special economic zone (SEZ) at Araihazar in Narayanganj, slated to begin by 2025, will see the final fruition of billions of dollars in Japanese investment, not to mention employment of thousands of skilled and semi-skilled workers.
Though the duration of the project ranges between March 1, 2019 and June 30, 2023, the tenure of the project may be extended by two years due to the Covid-19 pandemic. Japanese entrepreneurs are expecting to invest several billion US dollars in different projects of the SEZ, sources in Bangladesh Economic Zone Authority (Beza) said. The executive committee of the National Economic Council (Ecnec) in March 2019 approved a project to set up the Japanese EZ at a cost of Tk2,585 crore. Out of the total project cost, the Bangladesh government gave Tk450 crore while Japan accounted for the remaining Tk2,135 crore as project assistance through Japan International Cooperation Agency (Jica).
According to Beza officials, some 45% of the project work was completed as of December last year.
Beza will set up a power sub-station, gas transmission lines & CGS and telecommunication network under the project soon.
Japan’s Sumitomo Corporation, developer of the EZ, and Beza, has set up a company named Bangladesh SEZ Limited. Initially, Beza will hand over 500 acres of land by April 2023 and 120 acres of land by June 2023 to Bangladesh SEZ Limited. Within the extended period around 130 acres more area will be developed for unit investors in the Japanese SEZ. Beza is developing land and offsite infrastructure of all utility services and constructing access roads from Dhaka- Sylhet Highways (N2).
Infrastructure Development of Japanese Economic Zone Project (IDJEZP) and TOA Corporation of Japan inked a deal on 27 January 2020 to develop the Japanese SEZ.
