The Korean Export Processing Zone has finally obtained its mutation documents from the government, paving the path for increased foreign investment.
The documents, which had been pending for a long time, were issued by the Bangladesh government on February 6.聽
The KEPZ is the largest private export processing zone in Bangladesh. The interim government has taken steps to expedite the mutation process to encourage greater foreign investment in the country.聽
According to Shafiqul Alam, press secretary to chief adviser Muhammad Yunus, several foreign direct investment proposals, including one from Samsung, were withdrawn due to delay in obtaining the mutation documents for KEPZ.
Alam shared this information during a press briefing in Dhaka on Sunday.聽
Korean entrepreneur Kihak Sung, the country鈥檚 top merchandise exporter through his company Youngone, also relocated some of his investments from Bangladesh to Vietnam because of the delay in receiving the mutation documents.聽
Sung acquired the land in Chattogram in 1999 and initiated the development of the export processing zone on 2,500 acres of land.