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The proposed Korean Export Processing Zone (KEPZ) in Chittagong, once allowed to start formal operation, is likely to draw investments to the tune of $1.0 billion and create 0.1 million direct and 50,000 indirect jobs for local people.
KEPZ will be the country's first private EPZ.
Talking to the FE Wednesday, chairman of KEPZ Corp (BD) Ltd, ANM Eusuf said the company is ready to build a vibrant industrial village.
It will accommodate 150 thousand officials and workers in the vast area located on the left bank of river Karnaphuli, providing them standard facilities, he added.
"We will also invest $ 200 million in infrastructure where as many as 500 industrial units will be established to help promote the private sector-led economy of the country," Eusuf said.
The KEPZ will be developed, managed and operated by KEPZ Corp (BD) Ltd, a company of Seoul-based Youngone Corporation.
The project will be set up on about 2500 acres of land at Anwara in Chittagong.
"We have already developed the land to set up a completely different EPZ to offer modern urban facilities and amenities by the people who will reside there permanently," the KEPZ chairman said.
There will be all modern facilities of accommodation, education, recreation, health and entertainment for the workers and staff of the factories in the KEPZ, he added.
"We will comply with all the requirements to ensure a clean and environment-friendly atmosphere in the proposed EPZ," the company chairman said.
He said the KEPZ has already planted one million saplings in the project area for which the company was awarded the second best prize from the Prime Minister in 2002.
"Apart from this, we have created 20 water bodies to ensure proper drainage system in the industrial area," the chairman said adding ecological balance will be maintained at any cost.
He said investors will be encouraged to set up hi-tech and agro-based industries, backward linkage industries in the textile, RMG, pharmaceuticals and shoe-manufacturing areas in the KEPZ which will be a pollution-free industrial entity.
The list of the industries proposed for the zone includes electrical and electronics items, software development, scientific measuring instruments and precision tools, optical goods, laboratory ware, musical instruments, jewelry, engineering products and equipment, machine tools, automotive parts, leather, sports goods, ceramic, construction materials and gas-based products.
Asked about the formal launching of the gigantic investment enterprise, the KEPZ chairman said: The sponsor company has been anxiously awaiting for a licence from the government so that implementation of the project can be done with tremendous economic benefits that will accrue from the mega project in terms of employment generation and foreign exchange earning.
Apart from the said benefits, the KEPZ will create many other spill-over effects in the economic arena of the country.
A total of 2492.3573 acres of land have been handed over to the sponsor company in 1999 and the KEPZ area has been declared as an EPZ under section 11(1) of Bangladesh Private EPZ Act, 1996.
But under section 11(3) of the act, the company cannot establish the zone without a licence.
The country's first EPZ was set up in Chittagong in 1983 under the Foreign Investment (Promotion and Protection) Act, 1980.
Now the country has a total of six EPZs which house 190 industries with a workforce of over 130,000.
The total investment in the EPZs is $ 650 million. Of them, $ 220.29 million is invested by South Korean investors through 51 companies.
Japan also has a large investment in the EPZs.
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