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Agency of the Government of Bangladesh From Wikipedia, the free encyclopedia
The Bangladesh Economic Zones Authority or BEZA (Bengali: বাংলাদেশ অর্থনৈতিক অঞ্চল কর্তৃপক্ষ) is an agency of the government of Bangladesh tasked with developing special economic zones.
Agency overview | |
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Formed | 2010 |
Jurisdiction | Government of Bangladesh |
Headquarters | Prime Minister’s Office, Old Sangshad Bhaban, Tejgaon, Dhaka 23.7681°N 90.3921°E |
Agency executives |
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Parent agency | Prime Minister's Office |
Website | beza |
The Bangladesh Economic Zones Act of 2010 created the Bangladesh Economic Zones Authority (BEZA) under the Prime Minister's Office. It was intended to accelerate economic growth by overseeing the development of 100 new economic zones by 2025. In contrast to the export processing zones operated by the Bangladesh Export Processing Zones Authority (BEPZA), which are publicly owned, the new zones were to be funded mainly by private capital and were to allow production for both export and domestic markets.[1][2] Financial incentives such as exemptions from various taxes and customs and excise duties were intended to lure investors.[2] Finance minister AMA Muhith projected in June 2015 that the economic zones would create 10 million jobs.[3]
Bangabandhu Sheikh Mujib Shilpa Nagar is the largest economic zone, spread over 33,800 acres (13,700 ha) in Mirsharai, Sitakunda, and Sonagazi Upazilas.[4][5][6] Trial production began there at several factories in the first half of 2022.[7] By September 2023, five factories were in commercial production.[5]
BEZA's management structure consists of a governing board, executive board and BEZA secretariat.[8] The chairman of the governing board is the prime minister and members include the governor of Bangladesh Bank, the finance minister and other high-level ministers and elected policymakers.[9] The governing board is responsible for overall policy decisions.[9] The executive board includes bureaucrats from Government of Bangladesh.[8]
Shaikh Yusuf Harun was appointed executive chairman of the authority in July 2021.[10]
The authority has recently approved 37 new economic zones, which consists of governmental, non-governmental and specialized economic zones. The government also announced 50pc tax relief in hi-tech parks and economic zones.[11]
Government also encouraged building of private economic zone. Some are under construction and some are operational.
The government is establishing science and technology-based economic zones to attract foreign direct investment. Some projects like Bangabandhu Hi-Tech City is being helped by World Bank and DFID.[14]
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