Japan has long been one of Bangladesh’s strongest allies
Of the many initiatives that the government of Bangladesh has taken to boost the country’s economy, and achieve our economic vision, the decision to establish special economic zones (SEZs) has been among the most critical, making the country a more lucrative destination for foreign investment.
To that end, it is encouraging to see that Bangladesh is going ahead with a major collaboration with Japan, and the Bangladesh Economic Zones Authority (BEZA) is to formally allocate 500 acres of land to Japan for the development of the SEZ in Narayanganj.
The project, set to cost around Tk2,582.18 crore (the majority of which will come as project assistance through the Japan International Cooperation Agency) is set to be implemented by June 2023, where BEZA will develop the land, construct roads, and set up a power plant.
Japan has long been one of Bangladesh’s strongest allies, in addition to being among Asia’s most robust economies and one of the great economic success stories of the 20th century.
Therefore, the establishment of an SEZ for Japan in Bangladesh will undoubtedly be a significant boon for a country looking to pave its own economic success story in this, the 21st century.
This is all part of the government’s plan to establish 100 SEZs in phases over the next decade or so, and to create new opportunities for investment, industrialization, and employment, with BEZA officials predicting that these have the potential to increase export earnings for the country by $40 billion and generate up to 10 million additional jobs.
And it is important that the government continues to push forward, so that Bangladesh continues to meet and surpass its economic goals.