April 9, 2018
Bangladesh Economic Zone Authority (BEZA) is going to allot 500 acres of land to Bangladesh Garment Manufacturers and Exporters Association (BGMEA) for setting up a well-planned readymade garments industry park in the Mirsarai economic zone of Chittagong to increase apparel export.
In this connection, a Memorandum of Understanding (MoU) has been signed between the two organizations at the Radisson Blu Hotel in Dhaka on 21 March. Under the memorandum, entrepreneurs will establish their industrial units or relocate there factories in the zone.
According to the MoU they will get all kind of 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.
Paban Chowdhury, Executive Chairman of the BEZA, said that this garments park will help the garment makers to earn $50 billion by 2021 and increase the export competitiveness of local apparel manufacturers through reducing the cost of transportation as the proposed park is located very close to the Chittagong port.
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