WB to conduct feasibility study on Meghna EPZ

Bangladesh Export Processing Zone Authority (BEPZA) Tuesday said that the World Bank will conduct a feasibility study on the proposed Meghna EPZ shortly.

Earlier in 2008, the BEPZA governing body approved Meghna EPZ amid increasing demand for plots by potential investors.

“The World Bank will condcut the feasibility study and after that we will start construction of civil works there,” Prashanta Bhusan Barua, member invesemtment promotion of the BEPZA told the FE Tuesday.

He also said the EPZ will be bulit on 500 acres of lands at Gazaria in Munshiganj and located near Dhaka-Chittagong national highway.

Mr Barua said many overseas leading investors want to invest in the country adding : “We do not have enough sites to accommodate them.”

BEPZA sources said at least US$1.6 billion would be invested and more than 100,000 local people will be employed in the proposed EPZ.

Currently the country’s eight EPZs have so far attracted investments worth over $ 1.56 billion employing over 330,784 people.

The cumulative export from the eight EPZ is worth $ 18.47 billion until April 2009.

Better law and order situation, good infrastructure, reduction in lead time, less cost of doing business, friendly policy of the government, attractive incentives and success story are luring both local and foreign investors in the EPZs.

Mr Barua however said the scenerio of investment proposal in the EPZs in recent months is comparatively poor saying: “This is mainly because of lack of plots.”

He said investors want plots to invest in Chittagong and Dhaka EPZs saying: “We have spaces at Uttara, Ishwardi EPZ, but investors are reluctant to go there.”

He however said succesful implementation of the Meghna EPZ will attract investors as it is only 34 kilometre away from the city and near Dhaka-Chittagong highway.