7 special economic zones under way

http://newagebd.com/newspaper1/business/16325.html

7 special economic zones under way
The government says SEZs will promote investment
Jasim Uddin Sarker

The government will set up seven special economic zones in seven divisions and at least three of the SEZs will get into operation by this year, finance ministry officials said.

The main objective to develop the SEZs is to boost local as well as foreign investment, they said.

‘The government has decided to allocate funds in the next budget for setting up the special economic zones in seven divisions of the country. ‘The size of the fund is yet to be decided,’ a senior official of the finance ministry told New Age on Tuesday.

In the first phase, priority will be given to develop three SEZs in Sylhet, Feni and Khulna.

According to the plan, product-based special economic zones will be set up by prioritising the region on the basis of prospects of production and availability of raw materials.

‘The government is looking forward to initiate economic zones very soon as the country needs them to promote investment,’ finance minister AMA Muhith told reporters at NEC conference room on Monday.

He mentioned that the government will implement the decision within December this year. It may take time to get them fully operational simultaneously in all the divisions, he added.

Bangladesh Economic Zone Bill 2010 was passed by the parliament on July 20, 2010.

According to the bill, there will be four types of economic zones — economic zone for local or foreign nationals, private economic zone for local or expatriate Bangladeshis or foreigners, government economic zones and specialised economic zones for specialized industries with private or public-private partnership or government initiative.

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