The ministry of finance is reviewing a proposal to lend Tk 420 crore to Bangladesh Economic Zone Authority which would set up the special economic zone at Anwara in Chittagong for Chinese investors. Officials said the BEZA had sought the fund on zero interest for acquisition of land at Anwara for developing the Chinese Economic and Industrial Zone. BEZA would return the fund in 20 years with a five years grace period, they said. Executive Chairman of BEZA Paban Chowdhury said a primary feasibility study has already been completed in this connection. BEZA and China Harbour Engineering Company Ltd are expected to sign an agreement soon, which would allow the Chinese company to invest in the proposed site, he said. Bangladesh and China had earlier signed a memorandum of understanding on ‘Establishment of the Chinese Economic and Industrial Zone in Bangladesh’ during Bangladesh prime minister Sheikh Hasina’s visit to China. The BEZA officials said Dhaka and New Delhi were working on the later proposals for Indian investment in two economic zones in Mongla and Bheramara. Japan has also showed interest to invest in Chittagong, but the process for investment by China is further ahead, they said. The proposed Anwara economic zone is composed of 820.13 acres of land. Out of which, 370.40 acre is privately owned, 199.40 acre is khas and the rest 250.15 acre is on lease, according to the feasibility study. The feasibility study was carried out in February 2015. Zone approval, land acquisition, and detailed design will be done within 2016. The construction of the whole area will start in 2017 and will be finished by the end of September 2020. The survey found that there was huge demand for industrial land in the location zone. The highest demand was for readymade garment industries, pharmaceuticals, leather goods and light engineering industries. It is expected that almost 50,000 workers will be employed in the zone. Bangladesh needs foreign direct investment badly after the flow went down by 4.74 per cent in 2014, according to the World Investment Report 2014.The FDI inflow into the country amounted to US$1.526 billion, compared $1.599 billion in 2013.
