The World Bank, together with the UK-DFID and IFC, is supporting the government to develop economic zones, starting with the Kaliakoir Hi Tech Park through the Private Sector Development Support Project.

Economic Zones will improve Bangladesh’s competitiveness as an investment destination and to promote domestic private sector. The government will arrange a road show in December 2011 to promote the Kaliakoir Hi-Tech Park, said a WB press release.

It said that the park will be developed through a Public-Private Partnership initiative. The government has made substantial progress by seeking Expressions of Interest from potential park developers and is now in the process of initiating request for proposals.

Economic Zones are a strategic instrument for attracting domestic and foreign investment, creating jobs and accelerating growth, the release said.

Economic Zones can provide a unique investment location for the country by creating a first-class business environment combined with infrastructure provision.

The World Bank Group is supporting the government in drafting the rules and regulations under the Economic Zones Act to promote Bangladesh as a more competitive and attractive investment location.

The Private Sector Development Support Project aims to promote diversified private sector investment by targeting business environment and access to industrial land, as well as investing in training schemes to make human resources more responsive to enterprise needs.

The project will also support a nationwide mapping of potential sites, followed by feasibility studies, and finance off-site infrastructure in identified EZ sites to leverage private financing for zone development. The $137.5 million project was approved by the World Bank Board in March 2011.

Source: The Independent/ Bangladesh/ 29th Nov 2011