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BEZA Beckons India Inc. To Set Business in SEZs

Feb 06, 2020

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An interactive programme on ‘Doing Business with Bangladesh: Opportunities and Way Forward’ was jointly organised by MVIRDC World Trade Center (WTC) Mumbai and All India Association of Industries in association with Bangladesh Deputy High Commission in Mumbai at WTC Mumbai. Mr. Ashoke Kumar Biswas, Executive Member, Additional Secretary, Bangladesh Economic Zones Authority (BEZA) in his Keynote Address said, “In recent years, Government of Bangladesh has taken several steps to become a leading investment destination in south Asia with competitive labour, friendly business environment and progressive labour laws. Government of Bangladesh has set up Bangladesh Economic Zones Authority (BEZA) to accelerate investment in the Country offering incentive packages, one-stop service, promote and protect investment in economic zones. Bangladesh enjoys tariff-free access to EU, Canada and Japan and enjoys 60 per cent of readymade garments market share and is one of top manufacturing exporters. It further offers liberal FDI regime in South Asia, 100 percent foreign equity with unrestricted exit policy, remittance of royalty and repatriation of equity and dividend. It also has export-oriented industrial enclaves with infrastructural facilities and logistic support for foreign investors through economic zones.”

BEZA plans to establish 100 economic zones in next few years. It is developing Bangabandhu Sheikh Mujib Nagar (BSMSN) as the flagship Economic Zone of Bangladesh. Mr. Biswas added, ”BSMSN is only 70 km away from Chattogram Sea Port, handling over 85% of country’s exim business and is expected to play an important role in the economy. Adani Group, Asian Paints and Pune based, Nidar Industrial Park of Hiranandani Group have already invested in this economic zone.”

Mr. Md. Lutfor Rahman Deputy High Commissioner of Bangladesh in Mumbai presented the overview of Bangladesh economy and its growing bilateral relations with India. He said, “Bangladesh offers significant advantage for western India to connect with North East India through coastal connectivity.” He added that his office is expediting business visa for Indian companies and announced that priority is given to provide multi-entry, long term business visa on priority to Indian businesses.

Mr. Vijay Kalantri, Vice Chairman, MVIRDC World Trade Center Mumbai said, “Presently the bilateral trade between both countries is USD 10 billion and is expected to double in next three years.” He further added that Indian exports at present face lot of barriers. These include unnecessary delays in clearance at ports as well and further attract additional duties and urges Bangladesh officials to address them favourably.

In Photo:

Mr. Ashoke Kumar Biswas (right) felicitating Mr. Vijay Kalantri, Vice Chairman, MVIRDC World Trade Center Mumbai (left). Also, present is Mr. Md. Lutfor Rahman (center).