Dr Yunus urges quick solution to KEPZ land rights issue

Published at : 14 January 2025, 05:55 pm
Dr Yunus urges quick solution to KEPZ land rights issue
Photo: Collected

Chief Adviser Professor Muhammad Yunus on Tuesday asked the authorities to resolve the land rights issue of the Korean Export Processing Zone by early next month and bring all the investment promotion agencies under one umbrella to attract more foreign investment to the country.

The Chief Adviser gave the instruction when Kihak Sung, the chairman of the Youngone Corporation, and several other top foreign investors met him at the State Guest House Jamuna in Dhaka.

Kihak Sung, whose South Korean company is the largest exporter from Bangladesh, raised several issues that he believed were discouraging FDI in Bangladesh and urged the Chief Adviser to improve the conditions for large-scale investment in the country.

The Chief Adviser told Sung that the land issue of the Korean EPZ, which acted as a key deterrent to FDI in the industrial park, would be solved by February 6.

"We want the Korean EPZ to be the model for everyone in Bangladesh. We hope it will attract big investments and create a lot of jobs," the Chief Adviser said.

Kihak Sung appreciated the Interim Government's fast-tracked move to resolve the long-standing issues involving the KEPZ. He said more Korean investors would now be keen to invest in Bangladesh.

"It will open the doors for other investors. The KEPZ surely will be a model for the investors," he said.

The Youngone Corporation chairman also urged the government for expedited shipments through the Chittagong Port, saying slow turnaround time in the country's largest port was largely to blame for the lack of high-end and fashion clothing orders from top global brands.

Fashion clothing needs very quick exports, possibly in 10-15 days, he said, adding that Bangladesh does not have high-end fashion orders because sometimes it takes months to ship the orders.

He cited the example of Vietnam, as to how the Southeast Asian nation, where he invested hugely in recent years, took moves to expedite exports.
Prof Yunus said he has asked the authorities to make port operations efficient.

He said Special Envoy Lutfey Siddiqi is working on a series of plans to make Chittagong a top port in the region.

Kihak Sung and British investor Mohammed A Matin spoke for the need to bring all the investment promotion agencies under one umbrella, saying it will offer efficient one-stop services to foreign investors.

The Chief Adviser said he has asked the Bangladesh Investment Development Authority chief, Chowdhury Ashik Mahmud Bin Harun, to bring all five investment agencies under one office.

Ashik said the five different agencies for investment promotion were a legacy of the inept and corrupt governments in recent decades. 

He said the BIDA has undertaken a move to bring the agencies under one umbrella.

Sung said Youngone was building one of the world's largest textile institutes in the country, which will train thousands of young Bangladeshis every year.

He invited Professor Yunus to join the opening ceremony to be held within three months.

Matin has called for streamlining labour laws and introducing a net metering system for solar panels set up in the export processing zones. 

He also said due to discriminatory policy, investors in EPZ pay at least 26 percent taxes on the import of solar panels.

The Chief Adviser said the Interim Government has moved to carry out vital labour reforms and said his special envoy, Lutfey Siddiqi, was working on the issue.

He also said the government would likely introduce green channels in the Chittagong Port to fast-track exports from the country.

"We need clarity. We need it simple," Kihak Sung said, referring to the labour laws.

Javier Carlos Santonja Olcina, the country head of clothing giant Inditex, praised the efforts of the Interim Government to conduct vital business reforms and ease the conditions for doing business in Bangladesh.

"I am really impressed. This is the new Bangladesh we need," he said, adding he hoped the country's exports would increase substantially this year.

Paul Anthony Warren, Director of Dewhirst, which operates several garment factories in Bangladesh, also attended the meeting.

 

MSH

PM reaches Washington DC from New York

Published at : 24 September 2023, 02:30 pm
PM reaches Washington DC from New York
File photo

Prime Minister Sheikh Hasina arrived in Washington DC, the USA capital city, this afternoon after joining the 78th United Nations General Assembly (UNGA) session and other high-level side and bilateral events in New York.

 

She reached Washington DC from New York by road at 6pm.

On her arrival in Washington DC, Bangladesh Ambassador to the USA Muhammad Imran received the premier with a flower bouquet, reports BSS.

Earlier, she left her Place of Residence, Lotte New York for Washington DC at 12:30pm.

She arrived in New York on September 17.

The prime minister will leave Washington DC for London, the capital city of the United Kingdom, on September 29.

She will stay in London till October 3.

After wrapping up her visit, the prime minister will leave London for home and scheduled to reach Dhaka on October 4.

 

Bangladesh-US Ticfa meeting begins in Dhaka

Published at : 20 September 2023, 02:41 pm
Bangladesh-US Ticfa meeting begins in Dhaka

Bangladesh-US Ticfa meeting begins in Dhaka Additional Inspector General of police (IGP) Habibur Rahman has been made the new commissioner of Dhaka Metropolitan Police. Bangladesh-US Ticfa meeting begins in Dhaka Additional Inspector General of police (IGP) Habibur Rahman has been made the new commissioner of Dhaka Metropolitan Police. Bangladesh-US Ticfa meeting begins in Dhaka Additional Inspector General of police (IGP) Habibur Rahman has been made the new commissioner of Dhaka Metropolitan Police. Bangladesh-US Ticfa meeting begins in Dhaka Additional Inspector General of police (IGP) Habibur Rahman has been made the new commissioner of Dhaka Metropolitan Police. Bangladesh-US Ticfa meeting begins in Dhaka Additional Inspector General of police (IGP) Habibur Rahman has been made the new commissioner of Dhaka Metropolitan Police. Bangladesh-US Ticfa meeting begins in Dhaka Additional Inspector General of police (IGP) Habibur Rahman has been made the new commissioner of Dhaka Metropolitan Police.

Deal to ease trade in taka-rupee to be signed as Hasina

Published at : 08 September 2023, 01:43 am
Deal to ease trade in taka-rupee to be signed as Hasina

"An MoU will be signed between the National Payments Corporation of India and the Bangladesh Bank to make transactions in rupees and taka between Bangladesh and India easier," said the foreign minister in a press conference at the Foreign Service Academy in the capital on Thursday.

Besides, the neighbouring countries are likely to sign two more memorandums of understanding regarding cooperation in agricultural researches, and extension of the existing cultural exchange programme for two years, said the foreign minister.

Fair Technology launches car exchange programme

Published at : 07 September 2023, 02:29 pm
Fair Technology launches car exchange programme

Additional Inspector General of police (IGP) Habibur Rahman has been made the new commissioner of Dhaka Metropolitan Police. Additional Inspector General of police (IGP) Habibur Rahman has been made the new commissioner of Dhaka Metropolitan Police. Additional Inspector General of police (IGP) Habibur Rahman has been made the new commissioner of Dhaka Metropolitan Police. Additional Inspector General of police (IGP) Habibur Rahman has been made the new commissioner of Dhaka Metropolitan Police. Additional Inspector General of police (IGP) Habibur Rahman has been made the new commissioner of Dhaka Metropolitan Police. Additional Inspector General of police (IGP) Habibur Rahman has been made the new commissioner of Dhaka Metropolitan Police. Additional Inspector General of police (IGP) Habibur Rahman has been made the new commissioner of Dhaka Metropolitan Police. Additional Inspector General of police (IGP) Habibur Rahman has been made the new commissioner of Dhaka Metropolitan Police. Additional Inspector General of police (IGP) Habibur Rahman has been made the new commissioner of Dhaka Metropolitan Police.