SEZs can be turned into new economic growth centres
Business Initiative Leading Development (BUILD) Chairperson Abul Kasem Khan called on Executive Chairman of Bangladesh Economic Zones Authority (BEZA) Paban Chowdhury at his office on Tuesday and discussed issues related to private sector-friendly policies and joint research for further success at BEZA.
Mentioning the successes of Special Economic Zones (SEZs) in different countries, Abul Kasem Khan said that each SEZ can become a new economic growth centre for the country.
He added that BUILD is thinking of preparing a concept called ‘SEZ – the New Economic Frontier’, says a statement.
The BUILD chairperson also said that SEZs ultimately work towards not only creating jobs within the SEZ but outside as well in addition to generating various spillover economic opportunities, thereby effectively working as economic cities.
Therefore, SEZs should share the additional revenue generated from various taxes collected from economic activities created in that area due to the SEZs operations, he said.
This sort of support in terms of a revenue sharing model and approach can be developed, that will thus bring sustainability to SEZs to a great extent, he explained.
Each SEZ is an economic frontier for the government to nourish and an economic city to be developed, he added.
BEZA Executive Chairman Paban Chowdhury said BEZA had already received investments of more than USD 20 billion and the figure is going to reach USD 30 billion soon.
Terming Mirersarai Economic Zone (EZ) a game changer, he shared that the land allocation in this zone is almost exhausted.
Considering its potential, the areas of the zone can be expanded further by encompassing Companigonj, Sitakunda, Sandwip and Hatiya, he said.
The BEZA Executive Chairman also put emphasis on the macro-level policy reforms and strong governance for successful completion of the targeted EZs in Bangladesh.
He further suggested that BUILD should come up with comprehensive proposals to facilitate trade and investment, attract more FDI and support SMEs.
BUILD CEO Ferdaus Ara Begum, who was also present at the meeting, said the policy gaps in handling private and public EZs and other country-specific EZs would need to be minimised.
She added that BUILD will come up with a research study on the New Economic Frontier to consolidate the idea and seek support from the government for policy reforms in attracting more private sector investment.
