Govt plans free trade zones to boost exports

The government is set to establish free trade zones across the country as part of a strategy to expand international trade, attract domestic and foreign investment, strengthen supply chains and support industrial development.

Cabinet Secretary Dr. Nasimul Gani gave this information at a press conference after the meeting of the Cabinet Committee on Government Procurement and Economic Affairs at the Secretariat on Wednesday (June 17) morning.

Nasimul Gani said that the main goal of this mega initiative is to bring dynamism to economic activities. The strict customs rules and regulations prevailing in this proposed special zone will not be in effect. It will get complete duty-free facilities. Initially, this free trade zone is being developed on a total of 600 acres of land near the Matarbari deep sea port and Chattogram port.

He further said that in-principle approval has been given for the approval and signing of the ‘Development Agreement’ and ‘Land Lease Agreement’ with the Special Purpose Company for the establishment of the ‘Chinese Economic and Industrial Zone’ (CEIZ) in Anwara, chattogram district.

Meanwhile, the closure of the Strait of Hormuz is disrupting the import of LNG and oil from various countries as per the agreement. As a result, the Cabinet Secretary also said that these fuels are being forced to be purchased from the spot market.

He further said that the country's energy situation is gradually moving towards stability. However, the events in the Middle East have taught us that the conventional system of purchasing oil needs to be reviewed.