New economic zones to make debut soon
The World Bank, together with UK-DFID and IFC, is supporting the government move to develop new Economic Zones, starting with the Kaliakoir Hi Tech Park in hand.
The government is planning to initiate the work through public-private partnership programme. The new Economic Zones have been mooted to become instrumental to improve the country’s competitiveness as an attractive investment destination in the domestic sector.
The government is going with a plan to hold a road show in December this year to promote the Kaliakoir Hi-Tech Park.
The Government has made substantial progress in this regard by inviting ‘Expressions of Interest’ from potential park developers and the authorities are now in the process of initiating request for proposals.
Private Sector Development Support Project will provide the platform to implement the move. It will promote diversified private sector investment improving business environment and access to industrial land and infrastructure, besides investing in training to develop human resources in specific areas of productivity and marketing.
The project will also support a nationwide mapping of potential sites, followed by feasibility studies, and finance off-site infrastructure in identified EZ sites to leverage private financing for zone development. World Bank has approved $137.5 million project in March this year for the purpose.
Economic Zones are a strategic instrument for attracting domestic and foreign investment, creating jobs and accelerating growth. Economic Zones can provide a unique investment location for the country by creating a first-class business environment combined with infrastructure provision.