Possibility of revolutionary changes in northern economy

Special Correspondent:

The people of northern region especially in Sirajganj have now started to see the ray of hope as the door of socio-economic development is going to open soon through the implementation of a number of Economic Zones in the region.

If the projects are implemented properly, it will create employment facilities for several lakh of unemployed people in the region. Not only that, the wheel of economy will be activated by fulfilling the dream of northern people to be self-sufficient.

With an easy location, enough manpower and world class facilities, Sirajganj Economic Zone, the largest and cent-percent green private economic zone in the country, is now eyeing for investments from local and foreign companies.

According to the sources, despite several feasibilities, the northern region had remained lag behind due to lack of big shaped industries and sufficient investment for long. As a result, the people of the region have deprived of socio-economic developments for years. But now, the scenario has been changed with the leadership of AL Chairperson and Prime Minister Sheikh Hasina. The door of economic development is going to be opened shortly as the Bangladesh Economic Zones Authority (BEZA) is establishing a number of economic zones in some districts of the region. Meanwhile, the works of some economic zones have reached near completion, while works at some places are going on in full swing with the aim to complete in scheduled time.

Economists and merchant leaders believe that, it will be blessing for the people of northern region, if the economic zones are implemented in scheduled time. Many capable and rich people will get opportunity to set up industries in the economic zones and invest big sum of money in a bid to make the region as a developed ones.

Modern Economic Zone at the gateway of northern region:

Sirajganj Economic Zone, the country’s first and largest private sector economic zone, is now nearing to completion, promising eco-friendly development to attract foreign investors.

Supported by engineering and technical expertise from the Japan Development Institute (JDI), the economic zone has already attracted global attention, with renowned brands like Nike and Godrej expressing interest in setting up factories there.

The modern and cent-percent green Economic Zone is going to be established on around 1,041 acres of land at the western side of Bangabandhu Jamuna Multipurpose Bridge, which is considered as the gateway of the northern region. It is being expected that, over 5 lakh of people will get job opportunity here after completion of the project works.

Sheikh Monowar Hossain, Director of the Sirajganj Economic Zone, recently told the media that, “The economic zone is expected to attract huge foreign entrepreneurs as it has been established at eco-friendly environment.”

“Numerous foreign investors have already expressed their interest in establishing factories under sole or syndicate management. To accommodate this interest, the zone has allocated 50 industrial plots in a separate block specifically for foreign entrepreneurs,” he added.

Besides, discussions are underway with entrepreneurs from various countries including Australia and Korea, with many expressing interests in establishing diverse industries such as sheep wool factories, meat processing facilities, solar power plants, automotive manufacturing units, and chemical factories.

The aim is to achieve an annual export target of $2 billion from the economic base, signaling substantial growth prospects, the director said adding that, “ industrialists are looking elsewhere because of the trade tension between the US and China. Now, European and American investors are checking out places like Bangladesh more, thanks to the ‘China Plus’ policy. Ensuring seamless industrial operations, Hossain emphasised that the economic zone has secured 100 percent availability of essential services including gas, electricity and water. The zone will start production within the current fiscal year, demonstrating progress towards operational. The economic zone plans to utilise 100 percent surface water from the Jamuna River for industrial processes.”

A joint Economic Zone with Bhutan being established in Kurigram:

A special Economic Zone is going to be established in Kurigram, also the bordering district of the country with the joint initiative of Bangladesh and Bhutan government. Meanwhile, BEZA received 133.92 acres of land, while process to acquire more 80 acres of land from private owners is underway. Insiders think that, if it is implemented correctly, the socio-economic state of the people in Rangpur division will be improved largely.

Economic Zone also being established at Rajshahi, Rangpur, Natore, Panchagarh, Dinajpur and Gaibandha:

The process of establishing economic zones is also going on in Rajshahi, Rangpur, Natore, Panchagarh, Dinajpur and Gaibandha. Agro-based industries, food processing, ready-made garments and other industries are expected to be established in these regions. Local farmers will be benefited from those economic zones and many will get job facilities there.

Possibility of revolutionary changes in northern economy:

Economists and experts believe that, if these economic zones are developed in the northern region, there will be a revolutionary change in the economy of this region. Unemployment will decrease as well as people’s income will increase. The standard of living of the people of this backward region will improve.

This is why, the people of the region urged the government to implement these projects as soon as possible.