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Adainjee lands for setting up EPZ

Staff Corresponded
Adainjee lands for setting up EPZ
The Cabinet Committee on Economic Affairs yesterday decided in principle to set up an export processing zone (EPZ) on the lands of Adamje’e Jute Mills in Narayanganj.
The committee at a meeting directed the jute ministry to hand over the 300 acres of land to Bangladesh Export Processing
Zones Authority (Bepza), sources said.
After shutting down Adamjee in July 2002 the government had planned to utilise its property for establishing an industrial park and assigned Bangladesh Small and Cottage Industries Corporation (BSCIC) to outline a project.
However, the jute and textiles ministry yesterday came up with a different proposal to hand over the
land to the Board of Investment (Bol) to develop the industrial park
The ministry proposed that Bol would not sell the land to any individual but would lease it out to trade organisations or foreign investors for setting up industries.
But the cabinet committee turned down the ministry's proposal and decided to entrust Bepza with the responsibility to establish
an export processing zone on the Adamjee lands where foreign investors will get priority.
Infested with labour problems and corruption, Adamjee Jute Mills, the country's biggest factory, had become a big losing concern of the government until its closure two and a half years ago under donors' pressure.
Although the donors are hammering on immediate utilisation of the property, the government was going slow in taking a decision because of pressures from different vested quarters for selling out the land to individuals for personal gains, sources said.
BULLET-PROOF MERCEDES BENZ The cabinet committee also discussed a proposal to purchase two bullet-proof Mercedes Benz cars for the VIP’s of the upcoming Saarc summit.
The committee felt that the ministry concerned has the authority to purchase the cars on its own and does not need the committee’s approval.
PUBALIBANK-BADC LEGAL FEUD The committee also directed to resolve a legal dispute between Pubali Bank and Bangladesh Agriculture Development Corporation (BADC) over the nonpayment of loans amounting to Tk 71 crore by the corporation.
Pubali Bank has a court order In its favour to confiscate the property of BADC, sources said.
The cabinet committee however observed that Pubali Bank should sit with the finance ministry and resolve the issue.