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Make KEPZ a success to attract investments

Envoys gather at the export processing zone to discuss prospects

Gazi towhid Ahmed, back from Chittagong
Bangladesh should create some success stories to boost foreign investors' confidence, Lee Yun-young, South Korean ambassador, said.
"Samsung recently invested $5 billion in Vietnam. This kind of investment should come into Bangladesh. Why have they invested in Vietnam instead of Bangladesh? We should consider this," Yun-young said during a recent visit to Korean Export Procession Zone (KEPZ).
The government should turn the KEPZ, developed by South Korea's Youngone Corporation in Anwara upazila of Chittagong, into a success story to increase foreign investment and boost exports.
Youngone is a Korean company principally engaged in the manufacture and distribution of outdoor sportswear and shoes, which are manufactured in Bangladesh, China, Vietnam, and some other countries.
Transferring land ownership to KEPZ is yet to take place which is discouraging foreign investors, according KEPZ officials.
Over the years, several foreign investors have contacted KEPZ authorities to get plots, but had to back out for land-related complications, they said.
Samsung was interested in setting up its
factory here at KEPZ by investing funds to the tune of $5 billion to manufacture mobile handsets, but it could not proceed for these land issues, said the Korean ambassador. "Samsung has no confidence in investing in the country."
"Why will big investors come to Bangladesh instead of Myanmar, Vietnam, Malaysia or Indonesia? We should create success stories here to increase their confidence."
"KEPZ could be a success story. Investors' confidence will grow further, if KEPZ becomes successful," he said.
“Bangladesh should not miss this chance as it has tax-free entrance; it should use this opportunity."
The land ownership issue should be resolved soon, he said. "In fact, all EPZs should be treated in the same way. Only 14 sectors are allowed to invest in KEPZ, why not garments?"
Gerben de Jong, ambassador of the Netherlands, said, "Before investing in a country, foreigners want to see success stories in that particular country."
Mentioning that Bangladesh has huge potential, he said the people of his country are interested to work in Bangladesh under joint ventures. "But they often find that it is not so easy to enter here.' KEPZ gives the scope to raise investment here, according to the envoy.
A total of 20 factories have been set up at the KEPZ by Karnaphuli Shoe Industries, a company of Youngone. Of them, eight produce shoes for Puma and Nike. Karnaphuli has the capacity to produce 30 million pairs of shoes a month. A total of6,000 jobs were created by KEPZ.
Bangladesh has a great objective to double its apparel exports and to achieve this target, it needs to invest in infrastructure, the Dutch ambassador said.
The manufacturing sector as a whole should be compliant, he said. "An ideal industrial estate like KEPZ can be an example for entrepreneurs, for the facilities provided here." "If foreign investors see the success of KEPZ here, others will also be interested in coming here."
"Progress in terms of attracting investors did not happen much at KEPZ," said Huseyin Muftuoglu, ambassador ofTurkey.
"We invite investors to do business in Bangladesh, but they look for previous examples," he said. "And if previous examples show hurdles, bureaucracy, red tape, political involvement, they lose hope and feel deterred."
Norlin Othman, high commissioner of Malaysia, said: "KEPZ is a model in Bangladesh and we want to learn from it."
"As head of mission, we want to encourage FDI to Bangladesh by bringing our entrepreneurs. We want to avoid any investment destination when we hear about any hurdles there. ”
Bangladesh enjoys a tax free entrance to some international markets, which can be used by other countries that invest here, she added. "The regulations and guidelines for investment should be made clear and arrangements should be made so that all procedures could be completed from a one-stop centre,' she added.
"Different ministries have different
opinions on the same issues that need to be addressed to bring in more FDI."
Bangladesh is a big market of 160 million people; by considering this, there are investment prospects here and clear guidelines should be in place, she said.
"Visiting KEPZ, we have seen it has maintained high standards," said Danyl Lau, consul of Consulate of Singapore.
Bangladesh aims to raise its annual apparel exports to $50 billion and "it should be easy to achieve if there are 10 KEPZs here,* he said.
“We are watching very keenly to explore investment opportunities here," said Merete Lundemo, ambassador of Norway. "The standard of production at KEPZ is very high, with safety equipment in place."
Kihak Sung, chairman of Youngone, said: "My vision behind establishing KEPZ was to create an opportunity for large investments in Bangladesh, fetch $1 billion a year from exports and employ over one lakh workers."
In response to a query on attracting foreign investors at KEPZ, he said, "I am in contacting investors from Japan, Korea and many other countries. If the problems are resolved, then they will investhere."
KEPZ was registered in Bangladesh after passage of the Bangladesh Private EPZ Act, 1996 after a meeting between Bangladesh and Korea. It invested $2.4 million to construct a 33Kv power supply line, a substation and a 4.8 kilometre transmission line It also needs a gas supply of 20mmcfd but the authority is yet to provide a gas connection to the zone; which is also hindering its growth.
KEPZ will also set up schools and daycare centres for workers' children, coming mainly from Anwara and adjoining areas. About 95 percent of Youngone's present workforce is from the locality.
Several industries, like an IT park and electronics, will be set up in the KEPZ area.
gazitowhid @theda i lysta r. net