Dhaka Working to Build D-8 Economic Zone

In order to increase commerce among the D-8 countries, the government is planning to establish an economic zone in Bangladesh for Developing-8 (also known as D-8) member states.

In the meantime, correspondence about the creation of the economic zone has been exchanged between the Foreign Ministry and the Bangladesh Economic Zones Authority (Beza).

"The D-8 Special Economic Zone's formation is still in its early stages. Wahida Ahmed, the director general of the Ministry of Foreign Affairs' International Organizations Wing, stated, "We are working on this.

After receiving a letter from the ministry, Beza inquired about several unresolved matters, such as the D-8 Secretariat's designation of a focal point for the development of the economic zone.

"The Foreign Ministry sent a letter to us. We have also written to them to inquire about a number of issues, such as which nation would sponsor the D-8 Special Economic Zone and whether it will be operated from Istanbul, Turkey, where D-8 is based, according to Shaikh Yusuf Harun, executive chairman of Beza.

The letter also inquired about the economic zone's leadership among the eight member nations.

"We have wanted to know if the management of the proposed D-8 Special Economic Zone will be in the hands of the D-8 Secretariat, or if a separate authority will be established for it, or if it will be in the hands of Beza," Harun said.

According to sources, Beza is presently reviewing the legal implications of creating the economic zone.

To choose one of the government-run economic zones as the D-8 Special Economic Zone, a feasibility study could be carried out. Alternatively, property can be purchased for the building subject to the Beza governing board's consent, according to Beza sources.

During the 20th D-8 Council of Ministers meeting in July of last year, which took place at the InterContinental Hotel in Dhaka, Bangladesh's prime minister, Sheikh Hasina, recommended setting aside space in Bangladesh's Special Economic Zones for D-8 member countries to invest. The Foreign Ministry then wrote to Beza on the creation of the D-8 economic zone while taking the interest of the D-8 member states into consideration.

Bangladesh, Egypt, Indonesia, Iran, Malaysia, Nigeria, Pakistan, and Turkey are members of the D-8 Organization for Economic Cooperation, an organization for development cooperation.

According to the D-8 countries' foreign minister, AK Abdul Momen, trade between them is worth $129 billion.

At present, Beza is working towards establishing 100 economic zones across the country by 2041, approval for 97 of which has already been provided.