Outcomes of Economic Zone-2

Al Masud Nayon: The Economic Zone (EZ) concept is first in this Country Bangladesh as planned in 2007. Its implemented organization Bangladesh Economic Zone Authority (BEZA) has established in 2010 and in 2017 economic zone (EZ) is going to establish in Bangladesh. It was the Dream of Bangabondhu Sheikh Mujibur Rahman that Bangladesh will be the Switzerland of Prachcha. 

Worldwide Continental and Sub-Continental Network:

Though an economic zone (EZ) is an international free trade area (FTA), So that, the International Investors will invest for establish their Business on this Economic zone Area. For This purpose, a worldwide continental and Sub-Continental Network will be automatically grown up for developing their business. 

Local investors, businessmen are also getting the opportunity to enrich their business globally. OIC, BIMSTEC and G-8 Member Country’s investors will also invest in economic zone area for enrich their business in a free trade area environment. By this process, a worldwide continental and sub-continental network automatically will be grown up. 

Why EZ in Bangladesh is the investment Destination: 

Bangladesh has demonstrated strong economic fundamentals with a consistent GDP growth rate of above 6% percent over the last seven years. This growth in GDP is supported by expanding domestic market and significant growth in per capita income. In addition to domestic demand, law-cost labor with growing skills provides Bangladesh potential competitive advantage to attract labor-intensive industries and serve as a hub to cater the export demands. 

Moreover, the cost of doing Business in Dhaka city is considered to be one of the lowest when compared to other major cities. A study by JATRO illustrates that the cost of doing business in Dhaka lowest among 28 south Asian cities. 

Japan External trade organization (JETRO) in its 2014-15 survey mentioned that Bangladesh has continued to be an attractive destination for Japanese companies to do business due to its lower production cost and labor wage compared to those of 19 countries in Asia and Oceania. In comparison to Japan, the cost of production in Bangladesh is less than half (49.5 percent) while it is 73 percent in Vietnam and 80.6 percent in India. 

Beside these, Energy Prices in Bangladesh are much cheaper compare to neighboring countries. The Location of Economic Zones of the Country has been chosen, based on regional connectivity, proximity to India and china, access to ports, abundance of labor force and backward linkage opportunities. Bangladesh also offers a well-educated, highly adaptive and industrious workforce with economic wage level, proven by its remarkable success in RMG Manufacturing and Export. 

Why AMEZ is Attractive for Investors: 

The growth of Bangladesh economy has been driven by the growth of industrial sector. Private sector playing a vital and important role for the economic growth of this country. Abdul Monem limited is one of the largest private companies in this country Bangladesh. This company is the fully integrated solutions for business. This company’s Mission is that to establish and operate Abdul Monem Economic Zone (AMEZ) as a world class facility for valued entrepreneurs and stakeholders while serving as a pioneer Economic Zone (EZ) for the sustainable growth of Bangladesh. 

Abdul Monem Economic Zone (AMEZ) is situated near at 61km from Hazrat shahjalal international Airport, 240km from Chittagong sea port and 313.4km from Mongla sea port. Its road access is 70meters from Dhaka Chittagong highway and river access is 600meters from Meghnaghat river port. This accessibility is cheaper as transport coast for the domestic and international investors. 

AMEZ also situated in an excellent location at the Gateway to Dhaka which is only 37km. The size of AMEZ is 216 acres in Gazaria as private economic zone (EZ) and in Munshigonj with the option to expand to over 300 acres. The Potential industries of this Economic zone are Textile and Garments and Accessories, Lather products and shoe industry, pharmaceuticals, Food processing, plastic and other consumer goods, Machinery parts and Light engineering, Automobiles and accessories etc. 

International investors: 

Foreign trade plays a vital role in achieving rapid economic development of a country. Since Bangladesh is a developing country, foreign trade can be considered of pivotal importance. But each year Bangladesh has to spend a huge amount of money for importing consumer goods and materials. This is not a positive sign for our country. But Bangladesh also spends much more for importing industrial raw materials and it is a positive signal of our economy as it shows enhanced production of the country. 

The government already has provided “One stop Service” By the Board of Investment to encourage foreign direct investment (FDI). A lot of international companies already have started to invest in Economic Zone (EZ) for Developing their Business and promoting Brand. 

Beside this, the government of Bangladesh already has Allowed 100% percent foreign investment for establish RMG industries in the export processing zone (EPZ) Area. There are 8 EPZs in Bangladesh namely Chittagong EPZ, Dhaka EPZ, Mongla EPZ, Comilla EPZ, Ishwardi EPZ, Uttara EPZ, Adamjee EPZ and Karnaphuli EPZ. 

An Economic zone (EZ) is the higher, latest and Largest Business Area more than the EPZs. An EPZ is only work for exporting RMG Products. But an Economic Zone (EZ) will be work for all kind of goods, raw materials, industrial products, manufacturing products for exporting and importing both.   

POVERTY ALLEVIATION:

Although the intensity of poverty lessened in Bangladesh due to efforts made over the last three decades, its depth and severity still persists. Addressing this Problem is a great challenge mainly due to resource constraint. Bangladesh has so far implemented five years planes. One is two years plan and other is three years PRSP. These planes already had been rolled. 

Though Bangladesh Achieved the MDG set by the United Nations in 2000, although in the light of MDGs government is implementing the poverty reduction paper titled “Unlocked the Potential: National strategy for accelerated poverty reduction.”The Government had been already implementing the three years rolling plan as outline in the PRSP. 

These are the work of Government sector of poverty alleviation. But In the Private sector working a lot of employees, those who are also a part of this country’s poverty alleviation. To Establish these Economic zones (EZs) in Private sector, a lot of Men power will get the work opportunity. It will be very much helpful for the government to growth the MDGs year by year and poverty Alleviation.

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