Bangladesh Economic Zones Authority Explained

Bangladesh Economic Zones Authority (BEZA)
Headquarters:Prime Minister’s Office, Old Sangshad Bhaban, Tejgaon, Dhaka
Coordinates:23.7681°N 90.3921°W
Jurisdiction:Government of Bangladesh
Chief1 Name:Vacant (Prime Minister of Bangladesh)
Chief1 Position:Governing Chairman
Chief2 Name:Md Sarwar Bari
Chief2 Position:Executive Chairman
Parent Agency:Prime Minister's Office

The Bangladesh Economic Zones Authority or BEZA is an agency of the government of Bangladesh tasked with developing special economic zones.

History

The Bangladesh Economic Zones Act of 2010 created the Bangladesh Economic Zones Authority (BEZA) under the Prime Minister's Office. It was intended to accelerate economic growth by overseeing the development of 100 new economic zones by 2025. In contrast to the export processing zones operated by the Bangladesh Export Processing Zones Authority (BEPZA), which are publicly owned, the new zones were to be funded mainly by private capital and were to allow production for both export and domestic markets.[1] [2] Financial incentives such as exemptions from various taxes and customs and excise duties were intended to lure investors. Finance minister AMA Muhith projected in June 2015 that the economic zones would create 10 million jobs.[3]

Bangabandhu Sheikh Mujib Shilpa Nagar is the largest economic zone, spread over in Mirsharai, Sitakunda, and Sonagazi Upazilas.[4] [5] [6] Trial production began there at several factories in the first half of 2022.[7] By September 2023, five factories were in commercial production.

Structure

BEZA's management structure consists of a governing board, executive board and BEZA secretariat.[8] The chairman of the governing board is the prime minister and members include the governor of Bangladesh Bank, the finance minister and other high-level ministers and elected policymakers.[9] The governing board is responsible for overall policy decisions.[9] The executive board includes bureaucrats from Government of Bangladesh.[8]

Shaikh Yusuf Harun was appointed executive chairman of the authority in July 2021.[10]

Newly established and proposed economic zones

The authority has recently approved 37 new economic zones, which consists of governmental, non-governmental and specialized economic zones. The government also announced 50pc tax relief in hi-tech parks and economic zones.[11]

Non-government economic zones

Government also encouraged building of private economic zone. Some are under construction and some are operational.

Government to government economic zones

Public private partnership (PPP) economic zones

Science and technology-based economic zones

The government is establishing science and technology-based economic zones to attract foreign direct investment. Some projects like Bangabandhu Hi-Tech City is being helped by World Bank and DFID.[14]

Tourism-based economic zones

See also

Notes and References

  1. Web site: Bangladesh: Seizing the Opportunity . May 2019 . World Bank.
  2. Khan . Ashrafuzzaman . Lasslett . Kristian . “We Will Give Our Blood, but Not Our Land!”—Repertoires of Resistance and State-Organized Land-Grabbing at a Bangladeshi Tea Plantation . State Crime Journal . 2023 . 12 . 1 . 68–95 . 10.2307/48731139 . 2046-6056.
  3. News: Bangladesh to set up 100 economic zones to woo investment. bdnews24.com. 21 October 2015. 1 October 2016 . https://web.archive.org/web/20151021230512/http://bdnews24.com/economy/2015/10/21/bangladesh-to-set-up-100-economic-zones-to-woo-investment . 21 October 2015.
  4. News: Chakma . Jagaran . Mirsarai Economic Zone set to open next month . The Daily Star . 21 October 2019.
  5. News: Islam . Syful . Authority eyes investment influx in Mirsarai EZ as facilities readied . The Financial Express . Dhaka . 18 September 2023.
  6. News: Marico Bangladesh goes into operation at Bangabandhu Shilpa Nagar . The Business Standard . 20 September 2023.
  7. News: Bangabandhu Shilpa Nagar: 2 companies begin production, more to follow . The Business Standard . 23 August 2022.
  8. Web site: BEZA MANAGEMENT. beza.gov.bd.
  9. Web site: BEZA GOVERNING BOARD. beza.gov.bd.
  10. Web site: About Executive Chairman . Bangladesh Economic Zones Authority . 2021-09-20.
  11. News: 50pc tax relief in Hi-Tech parks, Economic Zones. Risingbd. 1 December 2015.
  12. News: Sonargaon Economic Zone gets pre-qualification licence . Dhaka Tribune . 25 August 2016. en-US. 1 October 2016.
  13. News: PM opens, lays foundation stones of 24 economic zones . The Daily Star . 3 April 2019.
  14. Web site: Hi-Tech Park Authority. Hi-Tech Park Bangladesh. htpbd.org.bd. 1 December 2015. https://web.archive.org/web/20151108073444/http://sdkhtp.htpbd.org.bd/. 8 November 2015. dead.

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