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No progress yet in setting up exclusive EPZ for ROK

Star Report
No progress has been made in setting up of an exclusive Korean export processing zone (EJ’Zl in Chittagong with a protected investment outlay of 100 million US dollars, of-ticaal sources said yesterday
The investors are yet to receive any indication from the government about the fate of the South Korean pro posal while a request seeking assistance to procure land in Chittagong also remains pend ing, the sources said.
The private investment proposal was formally for warded by the Korean gov eminent during Prime Minis ter Begum Khaleda Zia’s visit to Seoul last month The proposal was accepted, in principle, at that time
The proposal was made by Kihak Sung, president of Yeungone Corporation, which presently has mvest menu in the Chittagong EPZ, envisaging the setting up of a
Korean EPZ in about 150-200 acres ot land.
With investment from .30 or so Korean companies em ploying some 12,000 local people, the EPZ would have an estimated annual export turnover ot about 200 million dollars, the proposal said The type of industries to be set up in the proposed EPZ would he supportive industries tor the garment and fin ished leather goods sectors.
The South Korean investor also proposed to bear the to tai development cost of the protect including land land development and infrastruc ture development
In his proposal, Kihak Sung also pointed out the possibiT ity of setting up another ex elusive Korean EPZ in the premises ot the Bangladesh Machine Tools Factory which was closed down last year be cause of continued losses
Immediately after the Prime Minister's visit, a 14^
member team, led by the Youngone Corporation Presi dent, nad visited Bangladesh and reconfirmed their in ten tion to set up the exclusive EPZ
During a visit to Chittagong, the Korean team also held talks to purchase a 22-acre parcel of land belonging to the Bangladesh Tobacco Company, to act as a nucleus for the proposed site.
Ths Korean investors then sought the government s as sistance in procuring another 150-acre land adjacent to the proposed site, pan of which belongs to the Bangladesh Railway
But the delay on the gov eminent decision is worrying the Korean investors Ob servers say, the proposal should get quick government approval as it would also have a demonstrative effect in at trading further foreign direct investment in the country.