A Guide to the Bangladesh Economic Zones Authority (BEZA) and the Bangladesh solar project
The Bangladesh Economic Zones Authority (BEZA) is a pivotal government agency responsible for establishing and overseeing economic zones across the country. Created under the Bangladesh Economic Zones Act of 2010, BEZA’s primary mission is to foster rapid economic development by promoting industrialization, attracting foreign direct investment (FDI), and creating employment opportunities. For businesses looking to invest in Bangladesh, particularly in the manufacturing sector, understanding BEZA’s role is crucial.
BEZA’s Mandate and Function in the Bangladesh solar project
BEZA operates under the Prime Minister’s Office and is tasked with planning, developing, and managing a network of economic zones. These zones are designed to be globally competitive, offering streamlined services and high-quality infrastructure to investors. The goal is to create designated areas where the basics of manufacturing can be established with ease, cutting through potential bureaucratic hurdles.
The authority oversees various types of zones, including government-owned, privately-owned, and specialized zones tailored to specific industries like tourism, IT, and renewable energy. For entrepreneurs and corporations, this provides a clear pathway for investment, as detailed in this guide to setting up a solar factory in a Bangladeshi SEZ.
Recent Projects and Initiatives for the Bangladesh solar project
BEZA is actively pursuing several high-impact projects to enhance the appeal of its economic zones. These initiatives demonstrate a commitment to both industrial growth and sustainability.
- Green Energy Development: In a significant move towards sustainability, BEZA has signed an agreement with the Asian Development Bank (ADB) to develop a 100-200 MW solar power project within the National Special Economic Zone (NSEZ). This project aims to transform the NSEZ into a “green economic zone,” ensuring a reliable supply of clean energy for industries operating within it.
- Infrastructure Enhancement: To support industrial operations, the government has approved a Tk 518 crore (BDT) water treatment plant for the NSEZ. With a capacity of 50 million litres per day, this facility will provide essential utilities, a critical factor for any large-scale manufacturing process. Reliable access to power and water is a key consideration, as outlined in this guide to power and logistics for solar manufacturing in Bangladesh.
- Innovative Land Use: BEZA is also converting and repurposing closed state-owned facilities, such as the Karim Jute Mills and Kushtia Sugar Mills, into modern economic zones. This approach revitalizes old industrial sites and brings them back into productive use, offering ready-to-develop land for new investors.
Streamlining Investment and Attracting FDI for the Bangladesh solar project
A core function of BEZA is to make investing in Bangladesh as seamless as possible. The authority has seen considerable success in attracting FDI, with Chinese investors being a major source of proposals for key zones like the Bangabandhu Sheikh Mujib Shilpanagar (BSMS).
To further simplify procedures, there are ongoing efforts to integrate BEZA’s services with other key agencies like the Bangladesh Investment Development Authority (BIDA) into a unified online platform called the Bangladesh Business Portal. This “one-stop service” aims to reduce fragmentation and make it easier for investors to navigate regulations and approvals.
The success of this model is evident in the number of companies setting up operations. For example, Singer Bangladesh recently secured BEZA’s approval for the commercial operation of its new plant, highlighting the practical benefits of locating within these managed zones. This process typically involves allocating land and providing the necessary clearances for everything from importing manufacturing machines to sourcing raw materials.
For potential investors, understanding the financial side is key. A detailed plant cost breakdown can help in planning an investment in one of BEZA’s zones.
BEZA is at the forefront of driving Bangladesh’s industrial transformation. By creating well-equipped, strategically located economic zones and focusing on investor-friendly policies, it offers a compelling proposition for businesses worldwide.
If you are considering an investment in solar manufacturing, BEZA’s initiatives present a unique opportunity. To learn more about navigating this landscape, enroll in our free e-course on setting up a solar panel factory.
