In Araihazar Upazila of Narayanganj, a 1000-acre land is ready for a special economic zone (SEZ) dedicated to Japanese investors. Following this, Bangladesh Economic Zones Authority (Beza) and Bangladesh SEZ Ltd will sign an agreement to set up SEZ.
Bangladesh SEZ Ltd is a joint venture between Bangladesh Economic Zones Authority (BEZA) and Sumitomo Corporation from Japan.
The Cabinet committee approved in principle the proposal to sign a deal to this end at a meeting held on 23 Feb 2022. Furthermore, the proposal to sign the development agreement and the land lease agreement was also approved at this meeting.
The project was approved earlier on May 22, 2019. This project will be run on a government-to-government basis. This project is worth $299.17 million, among the Bangladesh government will provide $52.6 million as an investment while the Japan International Cooperation Agency will contribute the rest as a loan.
This project is expected to house around 200 companies. Beza expects multibillion-dollar foreign direct investment in this economic zone. 160 acres of land has already been handed over to the Japanese authority to set up factories. Furthermore, 10 Japanese companies have already shown interest to invest in SEZ. The local automobile, manmade fibre, home appliance, electronics, and toy sectors are the sectors Japanese companies are most interested to invest in.