Government has approved first ever Korean Export Processing Zone (KEPZ), which will require investment of over US $1 billion.
Korean Textile Company, YoungOne, has been developing the economic zone on a hilly terrain of Chittagong, pitching in $200 million and operations are likely to commence by 2009.
This project, spread over 2,500 acres, is expected to house numerous production units generating job opportunities for more than 250,000 workers.
Company advisor Zia Hossain informed the media, “The license removes the final obstacle to our project. It means we can now invite private investors from home and abroad. Already investors from Korea, Taiwan, China and other foreign trade groups have visited the zone and expressed interest to invest here. ”
Bangladesh by now has eight government-run export processing zones (EPZs) where more than 250 private businesses operate with a total investment of $1.10 billion.
Government has revealed plans to set up over 150 industries in the EPZs with additional investment exceeding $1 billion.