Economic zones attract domestic and foreign investment, create jobs and help accelerate growth, said a World Bank statement yesterday. The World Bank, together with UK-DFID and IFC, is supporting the Bangladesh government to develop economic zones and hi-tech parks through the Private Sector Development Support Project (PSDSP). Till now, the project has helped create nearly 5,500 jobs. In the last two years, with the support of PSDSP, the Bangladesh Economic Zones Authority (BEZA) and the Bangladesh Hi-Tech Park Authority (BHTPA) have licensed 16 economic zones and hi-tech parks and assessed 33 sites, completed feasibility studies, and master plans for new zones. BEZA has a large pipeline of new economic zones. It has issued licences to eleven private zone developers including licensing to Mongla Economic Zone on public-private partnership basis. The tendering process for the development of economic zones in Mirshorai, Shrehatta and other locations has started. BEZA has assessed twelve sites and drafted another nine for pipeline Economic Zones. The new BEZA Act has been approved and a gazette notification for the private Economic Zone policy has been published. PSDSP has also supported the Green Zone Initiative of the Bangladesh Export Processing Zone Authority (BEPZA), which includes solar lighting in the Chittagong Export Processing Zone, the setup of an environmental laboratory, and ISO 14001certification to 21 enterprises. Business registration time has been reduced from 44 days to 8 days. BEPZA has developed and implemented a one-stop shop system for registration, export and import licensing, customs clearance, and other regulations in their EPZs. The construction of the Kaliakoir hi-tech park is progressing rapidly. The BHTPA has licensed two hi-tech parks under a private public partnership (PPP) model and seven private hi-tech parks. The process for licensing two additional PPP parks has started. BHTPA’s Employment Incentive and Skills Enhancement Programs have trained and facilitated employment for thousands of people. 11,457 people have received industry-specific training or certification and 52 firms now comply with international quality standards. The World Bank Board of Directors approved an additional financing of US$130 million for PSDSP on 5 April, 2016. The additional support will scale up project achievements and emphasise compliance.
