Govt working to build D-8 economic zone

The government is working on setting up an economic zone in Bangladesh for member-states of the D-8 Organisation for Economic Cooperation, also known as Developing-8, aiming at boosting trade among the D-8 nations.

Meanwhile, the Foreign Ministry and the Bangladesh Economic Zones Authority (Beza) have exchanged letters regarding the construction of the economic zone.

"The establishment of the D-8 Special Economic Zone is still in the initial stage. We are working on this," Wahida Ahmed, director general of the International Organisations Wing of the Ministry of Foreign Affairs, told The Business Standard.

Upon receiving a letter from the ministry, Beza sought to know from the ministry about some unsettled issues, including nomination of a focal point by the D-8 Secretariat over the construction of the economic zone.

"We were given a letter from the Foreign Ministry. We have also written to them asking to know some things, including which country will be the sponsor of the D-8 Special Economic Zone, and whether it will be directed from Turkey's Istanbul as D-8 is headquartered there," Shaikh Yusuf Harun, executive chairman of Beza, told TBS.

The letter also asked about the leadership from among the eight member countries for the economic zone.

"We have wanted to know whether the responsibility of management for the proposed D-8 Special Economic Zone will be in the hands of the D-8 Secretariat, or will a separate authority be established for it, or will it be in the hands of Beza," added Harun.

Sources said that Beza is currently analysing the legal aspects regarding the construction of the economic zone.

A feasibility study could be conducted to select one of the government economic zones for the D-8 Special Economic Zone. Alternatively, land can be acquired for the construction subject to approval of the Beza governing board, said sources at Beza.

In July last year, during the 20th D-8 Council of Ministers meeting at Dhaka's Hotel InterContinental, Prime Minister Sheikh Hasina proposed space at the Special Economic Zones in Bangladesh for the investment of D-8 member countries. Subsequently, considering the interest of the D-8 member states, the Foreign Ministry wrote to Beza regarding the establishment of the D-8 economic zone.

The D-8 Organisation for Economic Cooperation is an organisation for development cooperation bringing together Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan and Turkey.

Trade between the D-8 countries stands to the tune of $129 billion, Foreign Minister AK Abdul Momen stated last year.

At present, Beza is working towards establishing 100 economic zones across the country by 2041, approval for 97 of which has already been provided.