Bangladesh Economic Zones Authority


Bangladesh Economic Zones Authority or BEZA is a centralized economic zones authority of Bangladesh which was instituted by the government in November 2010 under Bangladesh Economic Zones Act, 2010. The organisation is responsible for establishing and managing of SEZs of Bangladesh. It is run from Prime Minister's Office of Bangladesh.

History

As the Bangladesh Government took the initiative to become a developed nation under Vision 2041, the government plans to set up at least 100 public and private SEZs across the country. Bangladesh Economic Zones Authority was founded through the Bangladesh Economic Zones Act 2010 and established in November 2010 with topmost priority to attract more FDI and to increase and diversify country's export to the world. The agency reports to the Prime Minister's Office. Prime Minister Sheikh Hasina is the present chair of the agency. In 2015 the private export processing zones were placed under its authority.

Structure

BEZA consists of two boards: Governing Board, Executive Board. the chairman of Governing Board is the Prime Minister and members include Governor of Bangladesh Bank, Finance Minister and other high-level ministers and elected policymakers. The Governing Board is responsible for overall policy decisions. Executive Board includes bureaucrats from Government of Bangladesh. With Paban Chowdhury being the current Executive Chairman the executive Board oversees the day-to-day operation of the organisation.

Operation

To capture manufacturing investors from home and abroad in its 100 proposed special economic zones in various parts of the country, BEZA declared flirtatious incentives: duty-free imports on raw material, capital machinery, tax-cut from capital gains etc. for investors in SEZ's.
With Mirsarai Economic Zone situated within the banks of Karnaphuli River near Chattogram Port being the largest SEZ so far is expected to create 150,000 new jobs. There has been initiative to create an export-oriented textile garments park on 500 acres of land which is assume to go production by December 2018. The economic zone also caught investment endorsement from multinational corporations like Wilmar-Adani, China's Zhejiang Jindun Holdings.
With collaboration with BEZA, Meghna Group established the country's first operational private SEZ Meghna Eeconomic Zone in March 2018.
BEZA is also helping China Harbour Engineering to set up a China Industrial Zone of 750 acres of land in Bangladesh for Chinese investors.

Newly established and proposed economic zones

Recently Government has approved 37 new Economic zones, which consists governmental, non-governmental and Specialized Economic zone. Bangladesh government also announced 50pc tax relief in Hi-Tech parks, Economic Zones.
Government also encouraged building of private economic zone. Some are under construction and some are operational.
Bangladesh government Establishing Science and technology based Economic zone to attract foreign FDI. Some projects like Kaliakoir high tech park helped by World bank and DFID.