The newly formed Bangladesh Special Economic Zone Limited (BSEZ) has entered into an agreement with the Bangladesh Economic Zone Authority (BEZA) to set up a Japanese economic zone on one thousand acres of land in Narayanganj.
The development agreement was signed between the two companies at a hotel in Dhaka last week. BEZA’s Executive Member (Administration and Finance) Abdul Azim Chowdhury and Managing Director of Bangladesh Special Economic Zone Taro Kawachi signed the agreement.
For the first time in the country, the Bangladesh government entered into a joint venture agreement with Sumitomo Corporation of Japan in 2019 to build an economic zone on a GtoG basis (in partnership between the governments of the two countries). And through this, the journey of the new company called Bangladesh Special Economic Zone Limited started.
All kinds of works of this project including land acquisition, development, road construction, approval from various government departments, have progressed with time. The outline for the establishment of such an economic zone was also approved by the Cabinet Committee on Economic Affairs two weeks ago. Now the deal with BEZA marks the beginning of greater development of the Japanese economic zone.
In a press release, BEZA said that this year marks the 50th anniversary of Bangladesh-Japan bilateral relations. Japan has always been cooperating in the economic and social development of Bangladesh. Through this, a successful and reliable relationship has developed between the two countries. The two countries have been able to engage in such a long-term plan based on that relationship.
The event was presided over by Sheikh Yusuf Harun, Executive Chairman of Bangladesh Economic Zones Authority, and attended by Chief Secretary to the Prime Minister Ahmed Kaikaus, Japanese Ambassador to Bangladesh Ito Naoki, JICA Bangladesh Chief Representative Yoho Hayakawa, and Bangladesh Special Economic Zone Limited’s partner Sumitomo Corporation’s General Manager Eisuke Nakanishi.
The Japanese economic zone is being developed on 1000 acres of land in Narayanganj. Acquisition of about 700 acres of land has already been completed. Also, the development work of about 200 acres of land is nearing completion.
