Chinese investors are set to get a special economic zone in Bangladesh as Executive Committee of the National Economic Council (Ecnec) has approved the proposal for establishing an exclusive economic and industrial zone for them. The project “Acquisition of Land for Development of Anwara-II Economic Zone” will require a total amount of Tk420 crore for implementation. Bangladesh Economic Zone Authority (BEZA) would complete the project by June, 2016. The approval came at the Ecnec meeting, presided over by Prime Minister Sheikh Hasina, at the NEC conference room yesterday. The move for setting up an exclusive economic zone came soon after Prime Minister Sheikh Hasina had proposed an industrial zone during her visit to China on June 6-11 last year. BEZA had signed an agreement with the Commerce Ministry of China to this end. As per the deal signed with China’s Commerce Ministry, Bangladesh will provide land to Chinese investors on a long-term lease basis and a firm nominated by China will set up the economic zone. Once the project is implemented, a huge number of jobs will be created for Bangladeshis. After the meeting, Planning Minister AHM Mustafa Kamal said, “Such special economic zones are there in 119 countries across the world with 2031 are in operation. Out of that number, 436 are in India, 460 in China and about 200 in the Philippines.” He has stated that the project aims to create a congenial business environment for attracting Chinese companies there as well as creating scopes for jobs for ensuring sustainable economic development. “Once the project is implemented, huge jobs will be created for Bangladeshis.” Kamal said the Ecnec approved seven projects including the economic zone with an outlay of Tk5,039 crore. Of the total project cost, the government will provide Tk2,916 crore from the national exchequer while the remaining Tk2,123 crore would come as project assistance. Of the approved projects, five are new and two are revised. The meeting approved another project titled Greater Chittagong District Rural Infrastructural Development (Chittagong and Cox’s Bazar district) at a cost of Tk366 crore. Local Government Engineering Department (LGED) will implement the project by June 2019. The project will cover 14 upazilas of Chittagong district and eight upazilas of Cox’s Bazar district. Another project on extension of irrigation facilities by using surface water through “double lifting technology (3rd phase)” project with Tk118.73 crore was approved. Bangladesh Agricultural Development Corporation (BADC) will implement the project by June 2020. Other projects cleared by the ECNEC are-Second Local Governance Support Project (LGSP-2) with Tk3,940 crore (1st revised), Bongaon-Nunni-Hatipagar Road Widening and Strengthening Project with over Tk63 crore and Postal Transport System strengthening project with over Tk78 crore and establishment of Chancery complex at Islamabad in Pakistan (1st revised) with over Tk51 crore.
