Investment, exports, employment rise at Adamjee EPZ

NARAYANGANJ, July 30: Investment, exports and employment have grown significantly over the past two decades at Adamjee Export Processing Zone (EPZ), established on the site of the once-largest jute mill in Asia at Siddhirganj in Narayanganj.

The EPZ started operations with an investment of only $4 million. Over the past 20 years, cumulative investment has reached $840.40 million. Employment has also increased dramatically�"from just 1,625 workers in its first fiscal year to 75,959 employees at present.

According to sources, the government permanently shut down the loss-making Adamjee Jute Mills on June 30, 2002. In 2006, the then BNP-led four-party alliance government established Adamjee EPZ on the former mill premises, gradually transforming the once-idle industrial zone into a bustling export-oriented manufacturing hub.

Information available on the website of the Bangladesh Export Processing Zones Authority (BEPZA) shows that the EPZ was built on 292.62 acres of the former jute mill. It now has 276 industrial plots, each measuring 2,000 square metres.

At present, 54 industrial units are in production at the EPZ. Of these, 36 are fully foreign-owned, seven are jointly owned by investors from China and Hong Kong, and 11 are Bangladeshi-owned.

The foreign-owned enterprises include investors from the United States, the United Kingdom, Mauritius, Singapore, the Netherlands, South Korea, Japan, China, India, Sri Lanka, Spain, Germany, Ukraine, Romania, Kuwait, the British Virgin Islands, Malaysia and Canada.

Factories at the EPZ manufacture garments, zippers, cartons, hangers, labels, tags, footwear, sweaters, textiles, socks, jewellery, polythene products and dyed fabrics, among other export-oriented goods. All products manufactured in the zone are destined for international markets.

Investment in the EPZ has increased steadily since its establishment. While investment stood at only $4 million in the 2005-06 fiscal year, cumulative investment has now reached $840.40 million.

Exports have also witnessed remarkable growth. In the 2006-07 fiscal year, the EPZ exported goods worth only $9.69 million. In the last fiscal year, export earnings climbed to $10,934.93 million.

Employment has expanded in parallel with industrial growth. From only 1,625 workers in the 2005-06 fiscal year, the workforce has grown to 75,959, including workers, staff and officials.

Officials at Adamjee EPZ said both domestic and foreign investment, along with export earnings, have continued to increase every year. They added that the zone enjoys a secure business environment with no significant security concerns, making it an attractive destination for investors.