Bangladesh Export Processing Zones Authority (BEPZA) has signed a development agreement with the Bangladesh Economic Zones Authority (BEZA) to build an economic zone in Bangabandhu Sheikh Mujib Shilpa Nagar (BSMSN). BEPZA executive chairman Major General Md Nazrul Islam and BEZA executive
The Bangladesh Export Processing Zones Authority (Bepza) is establishing an economic zone at the Bangabandhu Sheikh Mujib Shilpa Nagar (BSMSN) to diversify exports.
The agency will emphasise the electronic and spare parts manufacturing industries keeping in mind the fourth industrial revolution and job creation. The new zone will be different from the existing zones of the Bepza as we will not give priority to the apparel industry, said Md Nazrul Islam, executive chairman of the Bepza.
The planned economic zone will be an EPZ inside the BSMSN in Mirsarai of Chattogram. Investors will have to sell 90 per cent of the products to be manufactured in the international markets, and the rest could be sold in the domestic market following customs and other rules.
Japanese companies doing business in Bangladesh are facing challenges during the coronavirus pandemic, including a lack of information and support from authorities, which may dent the flow of investment, according to investors and a recent survey. Besides, a culture of procedural delays at government offices and frequent policy changes discourages Japanese investors from
Banks can open temporary online accounts for FDI
Staff Correspondent
18th May, 2021 12:06:55
Bangladesh Bank (BB) has instructed banks to open temporary accounts through online arrangement for foreign direct investment (FDI) in Bangladesh.
As per the instructions released on Monday, the designated banks will observe simplified due diligence in opening these temporary accounts and regulate Anti-Money Laundering (AML) and Know Your Customer (KYC) along with other relevant procedures before transferring balance at these temporary accounts. The BB also directive stated that the scheduled banks are allowed to open accounts through online application received via website/web portal/app of banks or some government service providing entities under their one stop service facilities.
Japanese investors sanguine about business potential in Bangladesh
ITO Naoki, Japanese ambassador to Bangladesh, says in an interview
ITO Naoki
The relationship between Japan and Bangladesh is a trusted and time-tested one. Bangladesh became Japan s biggest recipient of official development assistance in 2020. Since the Covid-19 pandemic started more than a year ago, there has been a lot of talks and anticipation about Japanese businesses moving base to Bangladesh. In a series of high-profile interviews, The Daily Star tries to understand the increasing interest of Japanese investors in Bangladesh, its growth prospects, barriers to growth, ground realities, and how to attract more Japanese investment. As part of the series, today, we are running the interview of ITO Naoki, Japanese ambassador to Bangladesh.