The New Nation - Internet Edition

Staff Reporter

The World Bank has asked Bangladesh to develop more special industrial zones in order to achieve the millennium development goal to halve the poverty level by the end of 2015.

"The government should focus further on developing more special economic zones to create jobs," Finance Adviser Mirza Azizul Islam quoted World Bank President Robert Zoellick as saying.

The WB president visited the Dhaka Export Processing Zone (DEPZ) at Savar yesterday.

He was accompanied by Praful C. Patel, the World Bank Vice President for South Asia, and country director Xian Zhu.

"He seemed impressed by the contribution of the zones (to the country's economy) and agreed that economic activities at the EPZs have an important impact on the poverty reduction initiatives of the government," said Brigadier-General Ashraf Abdullah Yussuf, executive chairman of Bangladesh Export Processing Zones Authority (BEPZA).

"We have told him that Bangladesh expects to draw US$4 billion in investment in the EPZs over the next three years," Yussuf told reporters.

He informed the team that the country's eight EPZs were contributing 18 per cent to the national export earnings and offering employment to more than 200,000 people. Presently a total of 264 enterprises are operating in the zones with an investment of US$1.8 billion.

Asraf Abdullah said country's EPZs need to be expanded as many foreign investors, being pleased with the friendly policy and efficient performances of EPZs, have shown their keen interest in investing in the EPZs.

The WB chief expressed his satisfaction over the performance of BEPZA and its operating enterprises, saying that economic activities of the zones have "important impact on the poverty-reduction initiatives of the government".

During his visit to DEPZ Robert Zoellick had a discussion with Youngone's chairman, Kihak Sung, and a firsthand view of various aspects of operation of the factory, including the Effluent Treatment Plant.

They discussed important matters pertaining to investment climate, trade and labour issues facing the foreign investors in the country's main export-earning industry, which has long been striving for duty-and quota-free access to the coveted market in Zoellick's native country, the United States.

South Korea-based Youngone so far has invested more than US$300 million in EPZs in Dhaka and Chittagong and created employment opportunity for 34,000 people.