Bay Group will build a 65-acre special economic zone (SEZ) in Gazipur, fifth of its kind under the private sector. The Bay Economic Zone will start operation by March 2017, and once completed, the zone will create about 100,000 jobs. The company has a plan to purchase additional 40-acres of land later. The Bangladesh Economic Zones Authority Thursday handed over the pre-qualification licence to the local company at a programme at its office in the capital. The BEZA officials said it would take at best six months to award the final licencee to the Bay. The proposed SEZ will accommodate investors from leather, shoe-making, shoe materials and accessories, food processing, IT, chemicals, electronics, and medical equipment industries. Speaking at the licence-awarding programme, BEZA Chairman Paban Chowdhury said the authority awarded the SEZ to Bay Group as they have good partnership with investors from East Asian countries. He also said the government is going to approve the country’s largest private SEZ in Sirajganj on 1,039 acres soon. Sirajganj Economic Zone Limited has applied for the SEZ licence and the BEZA decided to award the licence. “We are working to set up 100 SEZs and of them, Prime Minister Sheikh Hasina will inaugurate 10 SEZs on February 28,” he said. Bay Group, which has long been involved in leather and show industry, will focus on footwear and leather production at the SEZ. Managing Director of Bay Group Ziaur Rahman said they have a good partnership with Stella Group International, which is a leading developer, manufacturer and retailer of quality footwear products and leather. He said his company produces footwear for all leading global brands and with this linkage, Bay can help grow the footwear industry and increase export volume. So far, the government has awarded the work for developing four economic zones to private sector investors-one each to Abdul Monem Limited and AK Khan Group, while two zones to Meghna Group. Officials said the BEZA has already created 22 economic zones, while another eight are awaiting the approval. Of these, Japanese investors are keen to obtain licence for three economic zones, while Chinese entrepreneurs are lobbying for two and Indian investors two more economic zones. In his budget speech in June last year, finance minister AMA Muhith had announced that 100 EZs would be set up across the country. Establishing economic zones would increase export earnings by US$40 billion and generate employment for around 10 million, he said.
