Govt takes steps to set up free trade zone in Bangladesh

The government has taken an initiative to establish a free trade zone (FTZ) in Bangladesh, following the model of other countries like the United Arab Emirates (UAE).

A national committee has been formed in this regard.

The government took the initiative to declare the zones within a year. Following the issue, a high-level meeting is scheduled to hold on May 6.

The Bangladesh Economic Zones Authority (BEZA) confirmed the matter through a press release on Wednesday (April 30).

According to the press release, free trade zones (FTZs) have gained immense popularity in the world nowadays for various reasons including attracting foreign investment in economic zones, creating jobs and developing skills, diversifying the economy and exports, and regional development.

In this context, a national committee was formed on April 21 to examine the feasibility of establishing an FTZ in Bangladesh; reviewing the laws, incentives, models, etc. of other countries.