Bangladesh Economic Zones Authority (BEZA) and the Bangladesh Special Economic Zone Limited have signed an agreement for the development work of the Bangladesh Special Economic Zone (Japanese Economic Zone).
The agreement was signed by Abdul Azim Chowdhury, executive member of Beza and Sumitomo Corporation's General Manager Eisuke Nakanishi at a Dhaka hotel on Wednesday.
The agreement was formed to build roads, power and water supply lines, a common effluent treatment plant (CETP) and water treatment plant in the zone, according to officials familiar with the matter.
Beza and Sumitomo Corporation, which has been appointed by Japan as the land developer of the zone, have jointly formed Bangladesh Special Economic Zone Ltd in 2019 for the infrastructural development of the zone.
The governments of Bangladesh and Japan are jointly developing the zone on 1,000 acres of land in Narayanganj, 32 kilometres from the capital Dhaka.
This agreement is a milestone for the 50th anniversary of the bilateral relations between Japan and Bangladesh.
The chief guest on the occasion was Prime Minister's Principal Secretary Dr Ahmed Kaykaus. Honourable guest on the occasion was Japanese Ambassador to Bangladesh Naoki Ito while special guests were Chief Representative of the Bangladesh Office of Japan International Cooperation Agency (Jica) Yuho Hayakawa and Eisuke Nakanishi, general manager of Sumitomo Corporation.
Beza Executive Chairman Shaikh Yusuf Harun presided over the function.
Bangladesh and Japan are developing the economic zone on a government-to-government basis.
The Executive Committee of the National Economic Council (Ecnec) approved the Tk2,582crore project in March 2019. Tk454.35 crore will come from government funds and Tk 2,127.82 crore from Jica as loan. The deadline for the project is 30 June 2023.
According to project sources, its cumulative financial progress till January 2022 is 19% and physical progress is 55%. The land development and boundary wall building work has been completed by 74% and 18%, respectively.