216-acre AMEZ (Abdul Monem Economic Zone) is sited in Gazaria, Munshiganj to trigger the era of EZ in Bangladesh
Abdul Monem Ltd. (AML), the largest infrastructure company of Bangladesh, will develop a 216-acre economic zone, with the option to expand it over 300 acres, in Gazaria, Munshiganj, adjacent to Dhaka-Chittagong Highway. The land is exclusively owned by AML and land filling work for the EZ is already in progress. Upon completion, AMEZ is envisaged to create approximately 1,00,000 jobs when fully occupied by investors.
Bangladesh Economic Zones Authority (BEZA) handed over the pre-qualification license to the local conglomerate at an official ceremony at its premises on 1st March, 2015. Earlier, the Governing Board of BEZA, chaired by the Honorable Prime Minister approved AML as a qualified private EZ developer and operator on 18th February, 2015.
AMEZ will lease out plots as well as standard factory building space to foreign and local investors, said Abdul Monem, the Managing Director of Abdul Monem Ltd., adding that the prime objective of the EZ is to realize our dream to build a better Bangladesh by creating good paying jobs in the country to uplift Bangladesh as a middle income country aligned with national outlook plan.
Global investors are refrained from coming to Bangladesh due to the complications in securing specialized land and head to neighboring countries like Myanmar, Vietnam or Cambodia instead. The Government intends to address this issue with a reinvigorated thrust on the development of EZs as a priority.
“Both local and foreign investors will reap the benefits of the strategically located AMEZ. It will be a world class infrastructure pledging to provide an outstanding service experience, as well as make the investors globally competitive’, said ASM Mohiuddin Monem, one of the Deputy Managing Directors of the company. He also highlighted the prospect of the EZ contributing directly to generate huge number of jobs as well as the increased volume of exports to support incremental GDP growth.
“Environment-friendly high-value garments and related industrial units will be allowed at AMEZ to facilitate accelerated economic growth of the country”, ASM Mainuddin Monem, the other Deputy Managing Director said. The priority sectors are: textile & apparels, electronics, food processing, plastic, furniture, pharmaceuticals and light engineering that look at Bangladesh as a sourcing and manufacturing destination, he said.
GDP growth is impossible without the inflow of foreign direct investment, technology transfer, increased employment and product diversification, said Paban Chowdhury, Executive Chairman of BEZA. “We should venture beyond conventional concept of having only public economic zones thus the Government’s precedence to facilitate more private economic zones in the country equipped with competitive incentive package”. He added, “Government plans to set up 100 EZs in the coming 15 years where one crore employment will be created and export worth USD 40 billion will be added.
AMEZ will portray itself as a global ambassador of Bangladesh, be the catalyst of economic and social development in the region, provide not only lease and rental facilities but also keep provision for CETP, common warehousing & utility services, central e-service, commercial facilities and one-stop administrative services to its valued clients. The management of AML expresses its gratitude towards BEZA for working in unison and expects to demonstrate this undertaking as a model of public private partnership in nation building.