The government is considering a 645-acre area in Anwara upazila, near the southern part of the Karnaphuli Tunnel, as the most preferred site to develop a free trade zone.

Chowdhury Ashik Mahmud Bin Harun, executive chairman of the Bangladesh Investment Development Authority (BIDA), disclosed the information today while visiting the site.

A free trade zone (FTZ) is a designated area within a country where goods can be imported, stored, manufactured, or re-exported without being subject to customs duties or other restrictions.

Later, while addressing a view-exchange meeting with local businesses, political leaders, and academics at Radisson Blu Chattogram Bay View at noon, the BIDA executive chairman said the government is considering developing a free trade zone, most likely in Chattogram.

He informed that the government formed a national committee only two days ago to assess the proposed free trade zone.

"All the two or three sites under consideration for the free trade zone are located in Chattogram," he said.

During the site visit, Chief Adviser's Press Secretary Shafiqul Alam told journalists that the site comprises a total of 645 acres of land.

There, the BIDA executive chairman said this site is the most preferred for the free trade zone due to its proximity to port facilities and the airport.

Explaining the concept of a free trade zone, he said, "The ultimate setup is a free zone. You can almost think of it as an overseas territory for us, where someone (an investor) from abroad will come to produce something and take it abroad."

"What will happen with this free trade zone is that they (foreign investors) will be beyond all the red tape of Bangladesh, and at the same time, they will be able to use our labour force. Both of us will be in a win-win situation."

He informed that the national committee has started discussions with global operators who run such free trade zones and that, eventually, the committee will provide recommendations regarding the most suitable site.

The BIDA executive chairman also said the government has plans to speed up the remaining procedures.

"We are trying to make milestone progress by the end of this year. Our target is to finalise the decision about the location and the operator, as well as to set a roadmap or timeline for launching the free trade zone within this period," he said.