India-Africa Trade Partnership Aims to Reach $90 billion in Bilateral Trade by 2015

| Abr 4, 2012 | BY WRAP

Editor’s Note: This article was written by Ashley Vaughn for the Sourcing Journal and it is republished on the WRAP blog with the author’s permission.

The government of Bangladesh plans to establish new special economic zones (SEZs) in various parts of the country in an effort to promote industrial manufacturing and services for export–specifically in the textile and garment industry. SEZs are designated geographic regions that possess economic regulations and liberal tax laws that differ from the country’s national laws and are more conducive to foreign direct investment.

Talk of SEZ expansion surrounds the success of the 9th Dhaka International Textile and Garment Machinery Expo (DTG 2012), which occurred earlier this month. The annual expo is the largest gathering for textile and garment manufacturers in Bangladesh–highlighting state-of-the-art equipment, materials and services and acting as an avenue for international suppliers and visitors to capitalize on the country’s most lucrative market.

Inaugurating the DTG 2012, Finance Minister AMA Muhith said that there are three SEZs already operational in the country and four new SEZs will be established in the next few months. The government will urge investors at home and abroad to acquire land in these SEZs by equipping each zone with the infrastructure necessary for high-tech communication, transport and energy facilities.

“Many investors from Turkey, Germany and Japan want to relocate their industries to Bangladesh,” President of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) A K Azad said. He hoped that a significant amount of foreign investment would come to the country with the government’s active support.

With the expansion of the country’s SEZs, Bangladesh plans to accelerate technological advances that will increase productivity and cost effectiveness in order to gain a lucrative edge in the global textile and garments industry.

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