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Two new EPZs given sanction for retaining foreign investors

22
May '08
In the past 11 months, Bangladesh Export Processing Zone Authority (BEPZA) has hit record high investment agreements worth US $1.29 billion with foreign investors and popular brands like Nike, Adidas, Reebok and Samsonite.

A senior official from BEPZA told Fibre2fashion, “In the recent years Bangladesh EPZs have become an attractive destination for foreign investors and this is mainly due to its low cost of production, fiscal incentives and duty free access to major global markets like EU and US.

Investors especially from Asian countries like China, Taiwan, Hong Kong and Japan are occupying the scarce space in the BPEZA.

In order to meet the growing demand and paucity of industrial plots, BPEZA has decided to establish two additional EPZs, one at Feni and other at Munshigonj to be called the Meghna EPZ.

According to the official, the net investment inflow in Bangladesh's EPZs during 2007-08 amounted to $300 million against $152 million during the last fiscal 2006-07.

The eight existing EPZs in the country are now producing goods and sports materials for 50 famous global brands. Besides, it also manufactures common export products meant for major global market like the EU, USA and some other countries offering zero tariff access.

Nearly 2.15 lakh people are working in the EPZs and their export earnings in the last 10 months of this fiscal year stood at $1809 million which may touch $2.3 billion by the end of this year.

Experts are of the opinion that setting up Feni and Meghna EPZs will play a crucial role in retaining foreign investors as the site chosen for their construction is located near a sea port. BEPZA is striving hard to develop the land and the infrastructure as soon as possible.

Fibre2fashion News Desk - India


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