Bangladesh government to boost its apparel exports in the years to come has decided to provide 500 acres of land inside a special economic zone located in Mirersharai of Chittagong to the Bangladesh Garment Manufacturers and Exporters Association (BGMEA).
Bangladesh Economic Zone Authority (Beza), which deals with these zones will sign a memorandum of understanding in this regard with BGMEA. Beza believes that the move would help garment makers earn $50 billion from exports by 2021.
Paban Chowdhury, executive chairman of the Beza said that BGMEA has a target to export $50 billion worth of apparels by 2021, but it has no roadmap to achieve the target.
The government has decided to provide them the land so that they can set up new factories, create more employment and earn more from exports.
Chowdhury said that the Beza was considering an option to give the BGMEA another 1,500 acres of land inside the same zone. Beza would be able to complete development works inside the zone by this year and would-be investors could start setting up factories by March next year.
According to him, entrepreneurs establishing their industrial units in the zone or relocating there would get all kind facilities, including tax exemptions on business earnings.
Investors will also enjoy exemptions from VAT on electricity and taxes on sale and self-generated or purchased electricity for 10 years. All purchases, excluding petroleum products, will get VAT and sales tax exemptions, Chowdhury said.
Siddiqur Rahman, president of the BGMEA, said that they would allocate the land for setting up garment and backward and forward linkage industries. Anyone from home and abroad can purchase land at the zone for establishing garment factories..
The BGMEA welcomed the government move saying it would help exporters establish more factories at a convenient place and also expects around five lakh new jobs to be created in this zone.
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