Youngone Corporation that owns Korean Export Processing Zone (KEPZ) on Saturday urged the government to take immediate steps to remove the longstanding stalemate over the transfer of its land deed.“Execution of deed of transfer of acquired land in favour of KEPZ and mutation in its name is yet to be done making it impossible to attract foreign investment,” Corporation’s chairman and chief executive officer Kihak Sung told a meet-the-press programme at a city hotel.
He also urged the government to resolve other impediments to KEPZ, including lifting the present restrictions to only 14 types of industries to be set up in the KEPZ, and immediate restoration of the ‘illegally’ snapped power connection to it.
Noting that KEPZ is a test case for foreign direct investment (FDI) in the country, Kihak said the impediments are pulling the KEPZ back on its way forward to bring investment and create employment opportunities in the country.
“We now seek your support to highlight our constraints so that the government may take this opportunity to remove the stumbling blocks on the track of fast development and employment in KEPZ,” he told the media.
KEPZ has the potential to become a busy industrial hub with large employments and a catalyst in the progressive development in Bangladesh, he noted.
KEPZ was registered in Bangladesh after the enactment of the Bangladesh Private EPZ Act 1996.
About Bangladesh’s potential, Kihak Sung said Korea in 60 was poorer than Bangladesh, and there was no enough food as Korea has one-rice crop. “Bangladesh has huge potential….it can achieve world-class development.”
Replying to a query whether they will leave Bangladesh if the problems are not resolved, Kihak said there is no plan like that as people here are nice.
About environmental issues, he said Youngone is a very careful company, though there maybe some misunderstandings.
KEPZ president Jahangir Saadat was also present at meet-the-press programme. (Source: UNB)
