The authorities of Korean Export Processing Zone, a subsidiary of Youngone Corporation, on Saturday sought the government initiative to remove
the existing barriers for developing the zone.
At a news conference at a city hotel Youngone Corporation chairman Kihak Sung said its Bangladesh part Youngone Group was the first foreign direct investor in garment export industry in Bangladesh and was operating a private EPZ, but some regulatory measures for developing the zone were unfortunately delaying the implementation of the project.
In a written speech, Kihak demanded immediate execution of the deed of handover of the entire Korean EPZ land as per the decision of the 16th board of governors’ meeting of the private EPZ.
He also demanded setting up all types of industries in the Korean EPZ as permitted under the industrial policy, allowing the Korean EPZ the authority of approval to set up industries in the zone as per section 14(2) of the Bangladesh Private EPZ Act 1996 and immediate restoration of snapped power connection to the zone.
The Youngone chairman said that his company now operated 17 factories in government EPZs in Chittagong and Dhaka investing over $400 million that would reach $1 billion soon.
‘I have been investing Bangladesh for long and I do not want to fail this time. I want to help increase export of Bangladesh and create employment for the local people,’ he said.
Kihak said though the government declared Korean EPZ as a zone, execution of deed of handover of acquired land in favour of the zone and mutation in its name was yet to be done.
-With New Age input
