The government has allocated three economic zones to the investors of China, Japan and India in a bid to attract more foreign investment and generate employment, an official said yesterday.

Bangladesh Economic Zones Authority has already acquired 510 acres of land at Sreepur upazila in Gazipur for Japanese investors and 774 acres at Anwara upazila in Chittagong for Chinese entrepreneurs, said BEZA Executive Chairman Paban Chowdhury.

The government is in talks with Indian investors for selecting a site for their economic zone, he said, adding that lands will be handed over to the investors of the three countries soon. The investors will then develop the lands into economic zones, he said.

Chowdhury shared the plans at a discussion at the office of Canada Bangladesh Chamber of Commerce and Industry (CanCham) in Dhaka.

He said Bangladesh needs investment worth $35 billion a year to attain an 8 percent year-on-year economic growth and graduate to a middle-income country by 2021.

“This is why the government has taken the initiative to build the economic zones to attract more foreign investment.”

Since 2010, the government has decided to offer 22 economic zones to both local and foreign investors.

The BEZA has so far issued operational licences to two private investors -- AK Khan Group and Abdul Monem Ltd. Another local conglomerate, Meghna Group, is in the process to get two economic zones, Chowdhury said.

Economic zones will be provided to sectors such as tourism and information technology as well, he said, adding that the government has acquired lands at Teknaf in Cox's Bazar to develop an economic zone for tourism.

An economic zone is being developed at Keraniganj in Dhaka for the IT sector, Chowdhury said.

“We will provide various services to the foreign investors in the economic zones, who will be allowed to sell 10-20 percent of their products in the local market,” he said.

Bangladesh has eight export processing zones (EPZs), which attracted investment worth only $3 billion in the last three decades, Chowdhury said. Annual exports from these EPZs are worth $5 billion, he added.

The EPZs are run by the government, while the economic zones will operate under public-private partnership.

“We will not face a land crisis as we plan to construct some of the economic zones near the Bay of Bengal or on reclaimed land from the sea.

At the discussion, CanCham President Masud Rahman suggested appointing public operators at the economic zones for effective management.

“The BEZA should fast-track construction work as it is really difficult to get back a foreign investor if he leaves the country for not getting desired services to implement a project,” Rahman said.

The government should also hold roadshows abroad to attract more foreign investors in the economic zones, he added.