Abdul Monem gets final licence for economic zone

Abdul Monem Economic Zone or AMEZ, an entity of Abdul Monem Ltd, received the final licence from the authority yesterday.

With the licence, AMEZ will now allocate industrial plots to investors who want to set up factories in the economic zone.

AMEZ is the second economic zone in the private sector that obtained the final nod from Bangladesh Economic Zones Authority or Beza.

Paban Chowdhury, executive chairman of Beza, handed over the licence to ASM Mainuddin Monem, managing director of AMEZ, at a function in Dhaka.

“As we have received the final licence, we would now be able to attract both local and foreign investment in our economic zone,” said Monem.

Many local entrepreneurs as well as foreign investors from countries like China, Japan and Hong Kong have expressed their intention to invest in the economic zone, he said, adding that the economic zones will help the government achieve its Vision 2041.

AMEZ will create job opportunities for around 1 lakh people, he added.

An economic zone is a designated area in a country with special economic regulations that differ from the rest of the country. An entrepreneur can enjoy various benefits, including tax incentives, from the authorities by setting up an industrial unit in an economic zone.

AMEZ completed the environmental impact assessment and feasibility study and prepared a master plan on the economic zone as per the conditions of a prequalification licence, which it received in March 2015.

The zone is situated on 216 acres of land at Gazaria in Munshiganj, very close to the Dhaka-Chittagong highway and Meghna Ghat river port.

However, the final licence was for 142 acres, and another licence will be awarded later for the rest of the land.

The economic zone is suitable for industries like textile and garments, leather and footwear, pharmaceuticals, food processing, plastics and other consumer goods, machinery parts and light engineering, automobile and accessories.

Paban Chowdhury said they are planning to provide five more final licences by this year.

Earlier, Beza awarded the first final licence to Meghna Group's Meghna Economic Zone in July last year.

Beza has so far awarded pre-qualification licences to 10 other local private companies to set up 11 economic zones: one each to AK Khan and Company, Bay Group, Aman Group, Maisha Group, United Group, Unique Group, Akij Group and two to Bashundhara Group and Meghna Group.

It is also setting up four economic zones in the public sector. It plans to create jobs for one crore people in the 100 economic zones by 2030 and produce goods and services worth $40 billion.