The effort to create a free trade zone (FTZ) in the nation was taken by the interim government. This year may see the announcement of the creation of this free trade zone.

A national committee has already been established to evaluate pertinent laws, incentives, models, and other aspects of other nations worldwide, as well as to assess the viability of creating FTZs. On April 21, this committee was established. This information was made public yesterday, Wednesday, by the Bangladesh Economic Zones Authority (BEZA).

According to the organization, free trade zones (FTZs) are becoming more and more popular around the world for a number of reasons, such as drawing in foreign investment to economic zones, fostering job growth and skill development, diversifying the economy and exports, and promoting regional development. In light of this, a national committee consisting of eight members was established at the initiative of BEZA to review the issue of establishing FTZs in Bangladesh.

The executive member of BEZA (Investment Development) serves as the committee’s chairperson. BEZA’s director (OSS and coordination) is the member secretary. This committee will also include one person from each of the following organizations: the Bangladesh Investment Development Authority (BIDA), the National Board of Revenue (NBR), the Ministry of Industries, the Ministry of Commerce, and the Economic Relations Division (ERD). Commerce Advisor Sheikh Bashiruddin and Executive Chairman of BEZA and BIDA Chowdhury Ashiq Mahmud Bin Harun (Ashiq Chowdhury) will oversee the committee’s activity.

This national committee was established to create a free trade zone, and its first meeting is set for May 6. Ashiq Chowdhury, Executive Chairman of BEZA and BIDA, will chair it. According to BEZA, the aforementioned committee will examine all pertinent laws, rules, and regulations, such as the Import and Export Act, the Customs Act, and the Economic Zone Act, and create or modify laws, rules, and policies that support the creation of a free trade zone.

Ashiq Chowdhury, Executive Chairman of BEZA, stated that the process of making Bangladesh a global center for manufacturing has already begun. One of the elements for this is a free trade zone. If all pertinent organizations and the national committee established for this purpose take the initiative, it will be possible to declare a free trade area in the country within this year.