The planned Bangladesh Investment Development Authority (BIDA) will be in place within the next two-three months, Md Abul Kalam Azad, principal secretary to the Prime Minister’s Office, said yesterday.The cabinet recently approved the drafts for the Bangladesh Investment Development Authority Act-2015 to facilitate further private sector investment, both foreign and local.The new authority will be formed by merging two government entities — the Board of Investment, and the Privatisation Commission — that have failed to play their parts in promoting and attracting domestic and foreign investment.It is now expected that BIDA will speed up the work of the organisations and reduce bureaucratic tangles in implementing the government decisions for promoting investment.“Investor-friendly climate is here and we need a one-stop service provider to facilitate investment,” Azad said while addressing the opening session of an investment promotion roadshow styled ‘development of economic zones in Bangladesh’.Bangladesh Economic Zones Authority organised the roadshow. He also said they plan to keep some areas in the economic zones for women entrepreneurs.BEZA Executive Chairman Paban Chowdhury said Prime Minister Sheikh Hasina will lay the foundation stones of 10 economic zones on the same day sometime in February.The necessary land acquisition has been completed and development works are going on in full speed at the economic zones, of which six will be for the private sector and four for the public sector.The 10 economic zones are part of the BEZA’s plan to develop 100 such zones over the next 15 years.“We also want to create jobs for one crore people in the economic zones by promoting trade and investment,” Chowdhury said.The process of awarding 7-8 economic zones to the private sector is now going on, he said.Mahbub Ahmed, senior secretary to the finance division, asked BEZA to be self-dependent, especially financially.“The government may not provide all kinds of support always. You have to find alternatives,” he said.Siddiqur Rahman, president of Bangladesh Garment Manufacturers and Exporters Association, demanded a special economic zone with central effluent treatment plant for apparel manufacturers.He also stressed political stability, adequate infrastructure and single digit interest rate, if the sector is to achieve its $50 billion export target by 2021.Later, Palli Karma Sahayak Foundation Chairman Qazi Kholiquzzaman Ahmad moderated a business session on the role of economic zones and the investment opportunities there. The discussants said the economic zones have opened a new window for entrepreneurs with long-term vision.Bangladesh has a huge domestic market as well as good connectivity to regional and global markets, they said, adding that it is possible to set up the planned 100 economic zones over the next 15 years.But the country needs to ensure adequate infrastructure and utility service, strong political will and legal framework.They said many countries are now shifting from export processing zones to economic zones as these are more dynamic and oriented towards product and industry diversification.Many Asian countries such as Thailand, Vietnam, Malaysia, Indonesia and the Philippines have succeeded in shifting their focus from export processing zones to economic zones, they added.
