The EZ will be established on the banks of the Jamuna River
The Bangladesh Economic Zones Authority (BEZA) yesterday awarded the final license for setting up the Sirajganj Economic Zone to a consortium of 11 companies, at a ceremony held at the BEZA office in Karwan Bazar.
The Sirajganj Economic Zone has received final approval as the first private economic zone in the northern region of Bangladesh. With 1035.93 acres of land, it will also be the country’s largest economic zone (EZ).
The EZ will be established on the banks of the Jamuna River. It is expected to host textile and knitwear, food processing, pharmaceuticals, leather, automobile engineering, LPG manufacturing, steel manufacturing, and fisheries and ship building industries.
Presiding over the ceremony, BEZA Executive Chairman Paban Chowdhury said the aim of building this particular EZ was to operate the most lucrative green economic zone in the country. This will facilitate both local and foreign investment.
“This zone will create jobs for 500,000 people, and bring in a lot of foreign investment for the private sector of Bangladesh,” the BEZA executive chairman added.
He also said jobs created in the EZ would help reduce pressure on Dhaka’s job markets.
Speaking at the ceremony, Sirajganj Economic Zone Chairman A Matin Chowdhury said approximately 33 acres of land had been allocated to host people displaced by the set up of the EZ.
“All preparations for the development of the zone have been completed, and if everything goes well, development will begin after the end of this month,” he added.
Design and management of this zone is being conducted by PricewaterhouseCoopers Bangladesh (PwC), Virid Associate, and Colleagues Consultants Pvt Ltd.
The Sirajganj Economic Zone is directly connected to the northern part of the country by road, river, rail, and air links. It is also connected to neighboring countries India, Nepal, and Bhutan by the Burimari, Hili, and Banglabandha land ports.
It is also connected to the Chattagram and Mongla sea ports by the proposed inland container depot (ICD) on the Western side of Bangabandhu Bridge.
The government has a target of setting up 100 economic zones on 30,000 hectares of land in the country. The EZs are expected to generate employment for about 10 million people, and additional exports of $40 billion per year.