Infrastructure Development of Japanese Economic Zone Project (IDJEZP) and TOA Corporation of Japan have inked a deal on 27 January, 2020 to develop Japanese Economic Zone at Narayanganj. IDJEZP project director Saleh Ahmad and Executive Officer of TOA Corporation’s International Division Masaki Uematsu signed the contract on behalf of their respective organisations.
The IDJEZP is a joint venture between the Bangladesh Economic Zones Authority (BEZA) and Japanese Sumitomo Corporation.
Bangladesh Special Economic Zone (BSEZ), dedicated for Japanese investors, is expected to bring in foreign investment worth US$20 billion. The Special Economic Zone (SEZ) being developed on 1,000 acres of land in Araihazar upazila of Narayanganj will be operational by 2022.
Under the contract, Japanese firm TOA Corporation will develop the EZ exclusively for the Japanese investors.
Principal Secretary to the Honorable Prime Minister Dr. Ahmad Kaikaus attended the ceremony as the chief guest while BEZA Executive Chairman Paban Chowdhury presided over the ceremony.
The Principal Secretary congratulated Executive Chairman of BEZA for taking up this challenging task of executing the Japanese Economic Zone under G2G EZ initiative.
He also mentioned that he sincerely believes this economic zone will open a corridor to shape the industrial landscape of the country. He stated, this zone will help enhance the production base of the economy through acceleration of the level of industrial investment and will promote Japanese investors to lead the industrial production.
Minister to the Embassy of Japan in Bangladesh Hiroyuki Yamaya, Chief Representative of Japan International Cooperation Agency (JICA) Bangladesh office Hirata Hitoshi, and Chief Representative of Japan External Trade Organization (JETRO), Dhaka Yuji Ando also spoke on the occasion.
This is the first EZ being established on a government-to- government (G2G) basis.