Japanese entrepreneurs are likely to form a working group for the implementation of the proposed 'Industrial Park' in Bangladesh by October this year before the Japan-Banglaaesh Joint Committee for Economic Cooperation (JBJCEC)' holds its next meeting in Tokyo.

The project would be a joint venture and it might be financed by South Korea. Japan and other South-East Asian countries.

This view was expressed by the President of JBJCEC Uzuhiko Uwatoko, in an interview with the Nikkan Kogyo Shimbun (Daily Industrial News) on January 14.

A copy of English version of The interview was made avail-

able to The Daily Star from the Board ol Investment January 29,

The President told the interviewer Komahashi. an editorial staff of the daily, that the-government of Bangladesh had initiated economic promotion policy' to welcome the foreign investors. "I think, they have a firm belief in democracy."

His impression was that the Sjovernment was offering 'fair ncentive' measures to all foreign investors. "Furthermore, they will act promptly," he said.

Appreciating the incentive package that Bangladesh offers in the Export Processing Zones (EPZs). Uwatoko said, greater benefits might be gained by relocating labour-intensive in-

dustries in Bangladesh.

Citing examples of three companies, fishing reel, golf shaft and lens-processing factories. he said, "their investments in Bangladesh have proved a great success."

Last November. JBJCEC held a high level meeting with the officials in Dhaka where Prime Minister Sheikh Hasina was also present. The meeting was attended by representatives of Mitsubishi Corporation. Marebeni Corporation and other leading Japanese industrialists.

Bangladesh offers a ten-year tax holiday, duty-free import of machine and equipment, repatriation of capital and profits of foreign enterprises, trade union

free EPZs and other fiscal and non-fiscal Incentives to the foreign companies.

Talking to The Dally Star. Anisul Huq Chowdhuiy. Executive Chairman of the BOI said, under the proposed industrial park project. Japan will construct a under-water tunnel or a bridge across the Karnafully estuary in Chittagong.

Chowdhury observed that" the country required more developed infrastructure to attract direct foreign investment.

"Uninterrupted supply of electricity, instant telephonelines. good roads and ports are the preconditions to invite the foreign investors." Chowdhury said.