Bangladesh Economic Zones Authority

Bangladesh Economic Zones Authority (BEZA)
Agency overview
Formed 2010 (2010)
Jurisdiction Government of Bangladesh
Headquarters Prime Minister’s Office, Old Sangshad Bhaban, Tejgaon, Dhaka
23°46′05″N 90°23′31″E / 23.768098°N 90.392070°E / 23.768098; 90.392070Coordinates: 23°46′05″N 90°23′31″E / 23.768098°N 90.392070°E / 23.768098; 90.392070
Agency executives
Parent agency Prime Minister's Office
Website beza.gov.bd

Bangladesh Economic Zones Authority or BEZA (Bengali: বেজা) is a centralized economic zones authority of Bangladesh which was instuited by the government in November 2010 under Bangladesh Economic Zones Act, 2010.[1] The organisation is responsible for establishing and managing of SEZs of Bangladesh.[2] It is ran from Prime Minister’s Office of Bangladesh.

History

As Bangladesh Government took the initiative to become a developed nation under Vision 2041,[3] the government plans to setup at-least 100 public and private SEZs across the country.[1][4] Bangladesh Economic Zones Authority was founded through the Bangladesh Economic Zones Act 2010 and established in November 2010 with topmost priority yo attract more FDI and to increase and diversify country's export to the world.[5][6] The agency reports to the Prime Minister’s Office.[7] Prime Minister Sheikh Hasina is the present chair of the agency.[4] In 2015 the private export processing zones were placed under its authority.[8]

Structure

BEZA consists of two boards: Governing Board, Executive Board.[9] the chairman of Governing Board is the Prime Minister and members include Governor of Bangladesh Bank, Finance Minister and other high-level ministers and elected policymakers.[10] The Governing Board is responsible for overall policy decisions.[10] Executive Board includes bureaucrats from Government of Bangladesh. With Paban Chowdhury being the current Executive Chairman the executive Board oversees the day-to-day operation of the organisation.[9]

Operation

To capture manufacturing investors from home and abroad in its 100 proposed special economic zones in various parts of the country,[4] BEZA declared flirtatious incentives: duty free imports on raw material, capital machinery, tax-cut from capital gains etc. for investors in SEZ's.[11]

With Mirarai Economic Zone (MEZ) situated within the banks of Karnaphuli River near Chattogram Port being the largest SEZ so far is expected to create 150,000 new jobs.[12] There has been initiative to create an export-oriented textile garments park on 500 acres of land which is assume to go production by December 2018.[13] The economic zone also caught investment endorsement from multinational corporations like Wilmar-Adani,[14] China's Zhejiang Jindun Holdings.[15]

With collaboration with BEZA, Meghna Group established the country's first operational private SEZ Meghna Eeconomic Zone in March 2018.[16]

BEZA is also helping China Harbour Engineering to setup a China Industrial Zone of 750 acre land in Bangladesh for Chinese investors.[17]

References

  1. 1 2 "How to make Special Economic Zones successful". The Daily Star. 5 December 2016. Retrieved 1 May 2018.
  2. ↑ "Economic Zone investors to get duty exemption on imports". dhakatribune.com. Dhaka Tribune. 23 September 2016. Retrieved 1 October 2016.
  3. ↑ "'Goal of becoming adeveloped nation by 2041'". Dhaka Tribune. 26 April 2017. Retrieved 1 May 2018.
  4. 1 2 3 "Bangladesh to set up 100 economic zones to woo investment". bdnews24.com. 2015-10-21. Retrieved 1 October 2016.
  5. ↑ "The evolution of a bold agenda". dhakatribune.com. Dhaka Tribune. 2 September 2016. Retrieved 1 October 2016.
  6. ↑ "Ways to attract investment through SEZs". The Daily Star. 23 February 2017. Retrieved 1 May 2018.
  7. ↑ "Jamalpur economic zone proposal to be tabled at Ecnec". archive.dhakatribune.com. Dhaka Tribune. 12 April 2016. Retrieved 1 October 2016.
  8. ↑ "Infrastructure Projects: Tokyo to invest under new arrangement". The Daily Star. 2017-12-11. Retrieved 2017-12-25.
  9. 1 2 "BEZA MANAGEMENT". beza.gov.bd.
  10. 1 2 "BEZA GOVERNING BOARD". beza.gov.bd.
  11. ↑ "Incentives & Benefits for Developers" (PDF). beza.gov.bd.
  12. ↑ "Mirsarai economic zone to generate 150,000 new jobs". UNB. Dhaka. 6 Feb 2018. Retrieved 1 May 2018.
  13. ↑ "57 firms seek allocation in RMG Park in Mirsarai SEZ". New Age. Dhaka. 31 Mar 2018. Retrieved 1 May 2018.
  14. ↑ Chakma, Jagaran (19 April 2018). "Wilmar-Adani to invest $350m in Mirsarai economic zone". The Daily Star. Retrieved 4 May 2018.
  15. ↑ Akter, Doulot (12 January 2018). "China to invest $5.0b in BD economic zone". The Financial Express. Retrieved 4 May 2018.
  16. ↑ Rahman, Sajjadur (26 March 2018). "Meghna sets up eight new plants for $300m". The Daily Star. Retrieved 4 May 2018.
  17. ↑ Quadir, Serajul (4 April 2018). "China to develop Bangladesh industrial zone as part of South Asia push". Reuters. Retrieved 4 May 2018.
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