Govt approves Free Trade Zone project at Anwara, Chattogram   

Executive Chairman of Bangladesh Investment Development Authority (BIDA), Ashik Chowdhury, said the government has approved setting up a free trade zone (FTZ) for the first time in Anwara Upazila, on the coastal belt at the outskirts of Chattogram city.

It will be set up over 600 to 650 acres of land and to be operated an 'overseas territory', where goods can be brought, stored, produced and re-exported without customs obligations.

The approval was given at the governing board meeting of the Bangladesh Economic Zones Authority (BEZA) on Monday. He said this at a press briefing organized at the Foreign Service Academy at Bailey Road in the capital in the afternoon.

Ashiq Chowdhury said through this initiative, Bangladesh's time-to-marketing or export of products will become significantly easier reducing time. It will create opportunities for rapid production and export, especially by bringing raw materials from different countries, including the United States. It will significantly open the possibility for increasing import and use of American cotton in the country's garment industry. 

The free trade zone may be developed following the model of Jebel Ali Free Zone in Dubai to become the centre of free trade and global economic activities in Bangladesh.

Ashiq Chowdhury said several laws and regulations will need to be amended to implement the decision.

The matter will be presented to the cabinet soon for final approval. He said the government has given approval in principle to set up the Free Trade Zone (FTZ) for the first time in Bangladesh.
He said Anwara Upazila in Chittagong has been earlier identified for the Free Trade Zone.