The Bangladesh Export Processing Zones Authority (BEPZA) has taken possession of 503 acres of land to establish the Jashore Export Processing Zone (JEPZ). 

The land was formally handed over by Muhammad Abraul Hasan Mojumder, deputy commissioner of Jashore, on March 23, according to a press release. 

The decision to set up an EPZ in Jashore was taken in 2019 and the Executive Committee of the National Economic Council approved the Tk 1,678.29 crore project in November last year. 

The project proposal outlines the preparation of 400 industrial plots to attract $2 billion in investment. 

Once fully operational, the EPZ is expected to create 150,000 direct and 300,000 indirect jobs, contributing $2.4 billion annually to the country's exports.

Mohammad Faruque Alam, member for engineering at the Bepza, and Md Yousuf Pasha, project director of the Jashore EPZ, were also present at the ceremony.

The Bepza had previously provided a cheque of Tk 266 crore to the district administration to compensate landowners.

BEPZA currently oversees the operations of eight export processing zones which are Chittagong EPZ, Dhaka EPZ, Mongla EPZ, Ishwardi EPZ, Comilla EPZ, Uttara EPZ, Adamjee EPZ and Karnaphuli EPZ.