Major trading house Sumitomo Corp. will manage a special economic zone financed by Tokyo and expected to open near the Bangladesh capital, Dhaka, in early 2022, according to the Japan International Cooperation Agency (JICA), the government's development aid arm.
Land reclamation for the economic zone is scheduled to begin in Araihazar, about 30 kilometers from Dhaka, in September, according to Hitoshi Hirata, head of the Bangladesh office of JICA, who spoke at an investment seminar in Tokyo on Wednesday.
Sumitomo will establish a special-purpose company with the Bangladesh Economic Zones Authority to draw tenants from Japan and run the 300-hectare industrial park, set to be developed in two phases, he said.