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Korean EPZ gets 10-yr tax holiday

Jasim Uddin Kuan
The government awarded Korean Export Processing Zone (KEPZ) 10 years of tax holiday, beginning from its commencement of commercial operation.
The Internal Resource Division of the Finance Ministry issued a circular in this regard on April 20, allowing the tax holiday facility for the only private Export Processing Zone (EPZ) of the country, as per sub section 16 of section 20 of the Bangladesh Private Export Processing Zones Law, 1996.
The step, preceded by the handing over of the operating license of KEPZ to Youngone on May 31 of last year, now enables the Korean company to start inviting investors to invest in the country’s biggest private export processing zone, located on 2500 acres of land by the Karnaphuli river in Chittagong.
The commercial operation of the KEPZ is expected to begin in a few months with setting up of its first industrial unit, claimed to be the world's largest shoe manufacturing factory.
Kihak Sung, chairman of Youngone Corporation that owns the KEPZ, said the company would soon start inviting the investors in the EPZ.
The KEPZ authority, however, expressed concern over the existing Karnaphuli Bridge, the bridge being not suitable for heavy cargo vehicles. And the construction in progress of the third Karnaphuli Bridge does not promise an early completion.
Another problem is the lack of fresh water supply in the area in which the KEPZ is located. The area is in close proximity of the Karnaphuli Fertiliser Company (Kafco). The Kafco uses eight deep tube
wells and has been using water for fertiliser production for the last one decade. This has reduced availability of underground water in the adjacent areas.
Highly salty water of the nearby Karnaphuli river cannot be put into industrial use, sources mentioned.
The KEPZ, with plans to establish 500 industrial units with an investment of one billion dollars, stands out as the biggest among all other EPZs of the country.
KEPZ sources said they plan to set up a whole range of garment and textile units along with electronics, softw'are, scientific and optical tools, machine tools, and automotive parts manufacturing units, among others.
Youngone will invest $200 million to • build up infrastructure inside the EPZ.
jasim@thedailystar.net