National Special Economic Zone
National Special Economic Zone (Bengali: জাতীয় বিশেষ অর্থনৈতিক অঞ্চল),[1] formerly the Bangabandhu Sheikh Mujib Shilpa Nagar (BSMSN; Bengali: বঙ্গবন্ধু শেখ মুজিব শিল্পনগর), is an economic zone in Chittagong Division of Bangladesh, spanning 33,407 acres (135.19 km2). Situated along the Dhaka–Chittagong highway, the economic zone is positioned about 60 kilometres (37 mi) away from the port city of Chittagong. It is being developed under the oversight of the Bangladesh Economic Zones Authority (BEZA).[2] By 2024, various companies have collectively invested US$1.23 billion, with five industrial units already operational.
Geography
[edit]The industrial city is under development on approximately 33,407 acres (135.19 km2)[3] of land spanning three upazilas (sub-districts): Mirsarai and Sitakunda in Chittagong District, and Sonagazi in Feni District, formed from consolidating their respective economic zones.[4][5] It is situated at the mouth of the Feni River, along 25 kilometres (16 mi) of coastline of Sandwip channel in the Bay of Bengal.[6] 16,729 acres (6,770 ha) of land have already been acquired by the BEZA by June 2024.[3]
Development
[edit]The project is estimated to require a total investment of ৳4347 crore (US$360 million) crores for construction. The World Bank has provided a loan of ৳3967 crore (US$330 million), while the remaining ৳379 crore (US$32 million) is being funded by the government. The objective of the project is to transform the industrial city into a self-sustaining, globally competitive industrial hub, complete with seaports, railway and road networks, power facilities, waterfront promenades, and residential zones. Additionally, plans include the establishment of five-star hotels, tourist destinations, parks, healthcare facilities, educational institutions, and universities within the area.[2]
As of February 2024[update], five industrial units are in commercial operations in the economic zone, with 22 more under construction.[7][8] Approvals have been granted for 152 units within the zone, allocating over 5,251 acres (21.25 km2) acres of land to companies that are collectively investing US$1.23 billion. These companies have proposed investments over US$18 billion, anticipating the creation of employment for 775,228 people. A $1.13 billion project is also planned to improve multimodal logistics by 2030.[3] On 14 November 2024, the name of the economic zone was officially changed to the National Special Economic Zone. This was originally proposed after the ouster of Sheikh Hasina on 5 August that year.[9][1]
Industries
[edit]The project area encompasses several specialized zones, notably a 500-acre zone designated for the Bangladesh Garment Manufacturers and Exporters Association (BGMEA). Additionally, various other industries are planned to be established within the region, including agro-products and agro-processing machinery, integrated textiles, leather and leather products, shipbuilding, motorbike accessories, food and beverages, paints and chemicals, paper and related products, plastics, light engineering, and pharmaceutical industries.[2]
Issues
[edit]As of February 2024, investors in the economic zone face gas and water shortages, hindering industrial operations. A project to address water scarcity from the Meghna River is underway, expected by 2027.[10] Entrepreneurs in the industrial city also struggle with recruitment, primarily due to housing and transportation issues, exacerbating the scarcity of labor.[11]
See also
[edit]References
[edit]- ^ a b দেশের বৃহত্তম অর্থনৈতিক অঞ্চলের নাম বদল, বাদ গেল 'বঙ্গবন্ধু শেখ মুজিব'. Prothom Alo (in Bengali). 14 November 2024. Retrieved 16 November 2024.
- ^ a b c "Bangabandhu Sheikh Mujib Shilpa Nagar: A Big Step to Economic Development". Daily Sun. 18 March 2023. Retrieved 27 February 2024.
- ^ a b c Saif, Saifuddin; Rayhan, Jahir (13 June 2024). "$1.13b project planned to boost logistics at Bangabandhu Shilpa Nagar". The Business Standard. Retrieved 13 June 2024.
- ^ "3 economic zones in Chittagong to be consolidated and renamed after Bangabandhu". Dhaka Tribune. 27 September 2018. Retrieved 27 February 2024.
- ^ Milad, Masud (31 August 2021). "উৎপাদন শুরুর অপেক্ষায় দেশি–বিদেশি উদ্যোক্তারা" [Domestic and foreign entrepreneurs await the start of production]. Prothom Alo (in Bengali). Retrieved 30 June 2024.
- ^ "Dhaka receives $20.13b investment proposals from 153 investors". Prothom Alo English. 31 July 2021. Retrieved 27 February 2024.
- ^ "Authority eyes investment influx in Mirsarai EZ as facilities readied". The Financial Express. Retrieved 27 February 2024.
- ^ "Factories start commercial production in Bangabandhu Shilpa Nagar". The Financial Express. Retrieved 27 February 2024.
- ^ "Bangabandhu Sheikh Mujib Shilpa Nagar renamed to Nat'l Special Economic Zone". The Business Standard. 14 November 2024. Retrieved 16 November 2024.
- ^ Chakma, Jagaran (8 February 2024). "Investors in Bangabandhu Shilpa Nagar grapple with water crisis". The Daily Star. Retrieved 30 June 2024.
- ^ Hossain, Iqbal (24 February 2024). "যে কারণে মিরসরাইয়ের বঙ্গবন্ধু শেখ মুজিব শিল্পনগরে শ্রমিকসংকট" [Reason Mirsarai's Bangabandhu Sheikh Mujib Economic Zone is facing a labour shortage]. Prothom Alo (in Bengali). Retrieved 30 June 2024.