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Berger Paints Bangladesh will set up its third factory on 30 acres of land at Bangabandhu Sheikh Mujib Shilpa Nagar in Chattogram at a cost of about Tk 2.5 billion.
The UK-based paint manufacturer signed a land lease agreement with Bangladesh Economic Zones Authority (BEZA) to this end at a city hotel on Wednesday evening.
The facility will create employment for 400 people at the beginning.
BEZA executive member Md Harunur Rashid and chief financial officer of Berger Paints Md Abdul Khaled signed the agreement on behalf of their respective organisations.
Chief Coordinator (Sustainable Development Goals - SDG) of the Prime Minister's office Md Abul Kalam Azad attended the ceremony as the chief guest, while BEZA executive chairman Paban Chowdhury presided over it.
Managing Director of Berger Paints Rupali Chowdhury was also present.
Speaking on the occasion, Abul Kalam Azad said the proposed investment to the economic zone (EZ) by a multinational company like Berger is a testimony to business-friendly atmosphere in Bangladesh.
Terming the Mirsarai EZ, now being developed, one the largest economic zones in South Asia, he said it will play a vital role in accelerating the economic growth of the country in coming years.
"Such specialised EZs are also crucial to achieving the country's Sustainable Development Goals," he added.
Paban Chowdhury said BEZA has already joined hands with several skill development agencies to create a strong base of human resources to cater of the future needs in the EZs.
"All the activities in the EZ will be fully in tune with the environmental issues," he said.
In her speech, Rupali Chowdhury thanked the BEZA officials for their cooperation in leasing the land in the industrial zone.
She also identified land scarcity as one of the key obstacles to establishing industrial units.
"Either we don't get suitable land for setting up a factory or the cost is too high," she said.
Mentioning Berger's plan, she said the paint maker will extend its water and solvent-based paint factory, emulsion plant, resins plant, central raw material warehouse and other required facilities at the new industrial zone.
The BEZA has recently named the three economic zones spreading over Sitakund, Mirsarai and Feni as Bangabandhu Sheikh Mujib Shilpa Nagar (industrial zone).
The zone is being developed on a wide area of land on 30,000 acres of land.