Bangladesh Government has given the apparel manufacturers of the country 500 acres of land inside an Economic Zone in Chittagong’s Mirersarai with an expectation to boost garment exports in the coming years and reach the US $ 50 billion target by 2021.
A Memorandum of Understanding (MoU) was inked in this regard on March 21, 2018, between Bangladesh Economic Zone Authority (BEZA) and Bangladesh Garment Manufacturers and Exporters Association (BGMEA) at Hotel Radisson, Dhaka.
BEZA Executive Member Md Harunur Rashid and BGMEA President Siddiqur Rahman signed the agreement on behalf of the respective sides.
“Such an initiative would boost the ties between BEZA and BGMEA, and this will help in making more such joint ventures between these two institutions in the future,” Md Abul Kalam Azad, Chief Coordinator (SDG) at Prime Minister’s Office (PMO), who was chief guest at the programme, said.
The project, if implemented swiftly, would reduce the pressure on Dhaka city.
Since Mirersarai is closer to the Chittagong Port, it would cost less for transportation of the export items and help Bangladesh in achieving competitiveness in the global market, underlined Paban Chowdhury, Executive Chairman of BEZA.
BGMEA highlighted the event as a historic day. The apparel trade association feels that through this move, its long overdue demand has come to a fruitful conclusion.
The body now hopes that the Government would assist the apparel manufacturers with all basic the amenities at the Economic Zone.
Among others present at the programme were BEZA Executive Member M Emdadul Haque, Commerce Secretary Shuvashish Bose, Federation of Bangladesh Chambers of Commerce and Industries (FBCCI) President Shafiul Islam Mohiuddin, and former BGMEA president Atiqul Haque.
According to the policies of BEZA, local apparel manufacturers will get all kinds of facilities, including tax exemptions on earnings, VAT and electricity, and self-generated or purchased power for about 10 years, insiders and relevant stakeholders have confirmed.
Also, all purchases, excluding petroleum products, are likely to get VAT and sales tax exemptions.
