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Patuakhali EPZ Blueprint Sets High Hopes for $1.5 Billion Investment
- By Made In bangladesh -- 6 minutes read --
- Jun 25, 23
" Patuakhali EPZ project, led by BEPZA, targets $1.53B investments, fostering Bangladesh's economic growth. "
The Patuakhali EPZ project is set to play a crucial role in Bangladesh's economic growth, aiming for a significant boost in foreign investments and exports. As the country prepares to establish its ninth Export Processing Zone (EPZ) in Patuakhali, the primary goal is to attract foreign investments totaling $1.53 billion and increase exports by an additional $1.84 billion.
BEPZA's Strategic Proposal for Economic Growth
The implementation of this ambitious project falls under the jurisdiction of the Bangladesh Export Processing Area Authority (BEPZA), which has proposed a budget of Tk1,475 crore for its execution. The development project proposal has already been submitted to the Planning Commission for approval, signaling a strategic move to further enhance Bangladesh's economic landscape through targeted investments and increased export activities.
Implementation Plans and Investment Opportunities
BEPZA officials express a keen interest in initiating the implementation work promptly following the approval process. The recent opening of the Padma Bridge has expanded investment opportunities in the southern region of Bangladesh. Patuakhali, with the presence of two nearby seaports, Payra and Mongla, is emerging as an attractive investment destination. Discussions with potential investors for an EPZ in the Barishal zone have commenced, with positive verbal interest from investors, as reported by Nazma Binte Alamgir, the Executive Director (Public Relations) at BEPZA.
Feasibility Study and Project Impact
A comprehensive feasibility study has identified 418 acres of land in Patuakhali's Pocha Koralia and Kuakata for developing 306 industrial plots within the proposed EPZ. The project aims to generate direct employment for 100,000 Bangladeshis and indirect employment for an additional 200,000 people, contributing significantly to the region's economic development.
Project Timeline and Approvals
Upon further progress, foreign investors will be officially invited to invest in the Patuakhali EPZ. The project proposal is currently under review by the Planning Commission, with a project evaluation committee meeting scheduled for July 5. Following Eid holidays, the proposal will be presented to the Executive Committee of the National Economic Council (Ecnec) for final approval. Once approved, the land acquisition process will commence, paving the way for the main construction work, with the target completion date set for June 2026. The project expenses will be funded through a government loan at a favorable interest rate of 2%.
BEPZA's Vision: Environmentally Friendly Industrial Growth
The EPZ project in Patuakhali aims to develop environmentally friendly industrial plots, offering necessary facilities and amenities for investors. BEPZA, managing all EPZs in Bangladesh, envisions sustainable economic growth. Currently overseeing eight EPZs, BEPZA's initiatives have played a pivotal role in the country's development, fostering satellite towns and supporting industries, providing employment opportunities, and contributing significantly to Bangladesh's economic growth.
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