EPZs make history in export, investment, jobs

Bangladesh's export processing zones (EPZs) passed a spectacular period last fiscal year. 

The industrial zones under Bangladesh Export Processing Zones Authority (Bepza) hit records in attracting investment, making exports and creating employment in fiscal year 2021-22, according to the official data.

Bepza, which promotes and attracts foreign investments to the EPZs, said total exports from all the eight EPZs crossed the $8 billion mark for the first time in its 40 years of operations.

Overall exports from the EPZs amounted to $8.65 billion in fiscal year 2021-22, which was 30 per cent higher year-on-year, it said.

The last time it was near this high was in fiscal year 2018-19, when the amount was $7.52 billion.

The amount was 17 per cent of the $52 billion earned from exports last fiscal year.

"It is a big milestone for EPZs," said Bepza Executive Chairman Maj Gen Abul Kalam Mohammad Ziaur Rahman.

Bepza said exports rebounded sharply after the disruptions caused by the pandemic that emerged in Bangladesh in March 2020.

The pandemic caused the cancellation of a huge number of work orders in the last two financial years, said Bepza.

Last fiscal year apparel shipments accounted for more than half of the total export receipts of the EPZs. The rest were garment accessories, footwear and leather goods, textile, tent, caps, plastic goods and electronics.

Apart from recording the highest-ever export figures, the investment promotion agency registered $410 million in investment in fiscal year 2021-22, surpassing all previous records.

The previous record was $406 million in fiscal year 2014-15, according to Bepza.

The Bepza executive chairman attributed it to investment-friendly policies and incentives of the government. Services provided by the Bepza to support investors is another reason, he said.

Bepza said the investment created over 64,000 jobs in factories, the highest in its record.

With a cumulative investment of $6 billion, 456 factories are operating in eight EPZs in the country, the largest of which is Chattogram EPZ.

Garment factories account for one third of those.

In fiscal year 2021-22, investors showed interest the most in Chattogram EPZ, the oldest in Bangladesh, followed by Dhaka EPZ and Adamjee EPZ, according to official data.

"We are not only focusing on attracting investment for product diversification but also on high-end and tech products," said Rahman.

Auto parts, electronics, mobile accessories, camera lenses, medical equipment, and sports items are made in the EPZs and exported abroad, he pointed out.

Bepza is going to develop an economic zone at Bangabandhu Sheikh Mujib Shilpa Nagar, Chattogram, and three more EPZs in Gaibandha, Jashore and Patuakhali.

It said it was giving importance to encouraging the establishment of medical equipment manufacturing plants.