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BD Govt. Gifts BGMEA 500 Acres Land To Boost Exports

• By  Textile Excellence
• March 21, 2018

In a major push to the drive on providing a boost to apparel exports, the Bangladesh government has earmarked a 500 acre plot of land for the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) in Chittagong. The land is located in a Special Economic Zone at Chittagong’s Mirersharai township.

This move by the government which is expected to pay rich dividends in the near future is likely to boost the country’s apparel export figures to USD 50 billion within a span of three years. This was disclosed by Bangladesh Economic Zone Authority (BEZA). Recently, a memorandum of understanding has been signed between BGMEA and BEZA in this regard. The land allocation is expected to catalyze the creation of new factories, generation of more employment and increase of export earnings. This is also expected to provide BGMEA a road map to achieve its export target of USD 50 billion by the year 2021.

It was reliably learnt that BEZA has further plans to allocate 1,500 acres of land within the Special Economic Zone to BGMEA. The current land allotted is expected to be developed by BEZA by the end of the year, facilitating investors to set up factories by March next. Investors relocating to the Zone will be suitably rewarded with provision of all facilities including tax exemption on business earnings. The other exemptions that will entail are VAT, electricity, and sales tax on self-generated or purchased electricity for the next 10 years.

The BGMEA office bearers unanimously welcomed the move stating this would facilitate the setting up of forward and backward linkages in the industry. The land can be acquired domestically or by persons abroad and the project is slated to generate employment to the tune of one lakh persons.

Textile Excellence