Bangladesh plans to set up 100 economic zones, create 10 mn jobs

The government plans to create jobs for 10 million people by setting up 100 economic zones within the next 15 years.

Finance Minister AMA Muhith made the announcement while presenting the budget for the 2015-16 fiscal on Thursday.

Establishing the economic zones will increase export earnings by $40 billion and generate about 10 million employments, he said.

The government has plans to make Bangladesh a middle-income country by 2021 and a developed nation by 2041.

He said initiatives to establish economic zones aim at encouraging industrialisation, generating employment opportunities, increasing production and ensuring export promotion and diversification.

Muhith noted that big investment initiatives such as those in Japan, South Korea, China and India could not be realised due to land scarcity.

“To change this scenario, approval has been accorded to the establishment of 30 public and private economic zones in different parts of the country,” he added.

Another 25 approved economic zones were being set up.

He said two economic zones had been earmarked for Japanese and Chinese investors.

“We are considering keeping another such zone for India. Besides, six economic zones are going to be established in private sector,” he added.

“We will take necessary steps to provide land, gas, electricity and communication infrastructure facilities,” the minister added.