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PM Sheikh Hasina inaugurates Japanese economic zone

“Bangladesh is the most ideal place for investment in the world as we offer maximum investment opportunities.”

Prime Minister Sheikh Hasina on Tuesday morning (06 December) inaugurated the Bangladesh Special Economic Zone, also known as the Japanese economic zone, in Araihazar Upazila of Narayanganj. The economic zone would draw an investment of over $1.5 billion once it goes into full operation while it has created employment of over one hundred thousand people primarily.

Sheikh Hasina inaugurated the Japanese economic zone under a government-to-government (G2G) procedure virtually from Ganabhaban in Dhaka.

Sheikh-Hasina-Japanese-economic-zone
Figure: Prime Minister Sheikh Hasina virtually inaugurates the operation of the Japanese Economic Zone in Bangladesh Special Economic Zone at Araihazar in Narayanganj district from her official residence Ganabhaban in Dhaka. Courtesy: BSS photo

Prime Minister Sheikh Hasina called Bangladesh the most excellent place for investment in the world, seeking larger foreign and local investment for mutual benefit.

“Bangladesh is the most ideal place for investment in the world as we offer maximum investment opportunities. So, I hope the overseas investment will come here and local people will also invest in their own country,” she said.

The impressive inaugural ceremony was held at the Special Economic Zone in Araihazar. The event was joined by Bangladesh Economic Zones Authority (Beza) Executive Chairman Shaikh Yusuf Harun, President and CEO of Sumitomo Corporation Masayuki Hyodo and Japanese Ambassador to Bangladesh Ito Naoki among many others.

In 2016, Japan International Cooperation Agency commenced the initiative to conduct a feasibility study. Later in 2019, Sumitomo Corporation from Japan signed a deal with the Bangladesh Economic Zones Authority to advance the BSEZ.

Well-known businesses like Singer have already started construction of their set-ups in the economic zone. The Singer would make an initial investment of $79 million. While a contract has also been signed with the German company Rudolf. Rudolf would make an initial investment of $7 million.

Contracts will be signed with two more Japanese investors after the opening program, while 30 additional Japanese companies and 10 other businesses from diverse countries have shown their concern to invest in that economic zone.

Land acquisition to set up the Japanese Economic Zone-2 has been completed while a proposal is also awaiting a nod from the Cabinet Committee on Economic Affairs for setting up another special economic zone dedicated to Chinese investors.

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