In a move aimed at boosting Bangladesh's ready-made garment exports, the Government has provided the Bangladesh Garment Manufacturers and Exporters Association (BGMEA) with 500 acres of land inside a special economic zone located in Chittagong.

The Memorandum of Understanding for the lease of the land was signed with the Bangladesh Economic Zone Authority (BEZA). The land will be used to develop a garment park, the BGMEA says.

It is hoped the move will help the country's garment industry hit its target of earning US$50bn from exports by 2021.

The BEZA is understood to be considering an option to give the BGMEA a further 1,500 acres of land inside the same zone.

Paban Chowdhury, executive chairman of BEZA told Bangladesh's Daily Star development work should be completed by the end of the year and investors able to start setting up factories by March 2019.

Those establishing facilities will benefit from a range of facilities, including tax exemptions on business earnings, and exemptions from VAT on electricity.