50 industrial units, projects, facilities in EZs to be inaugurated on Oct 26

50 industrial units, projects, facilities in EZs to be inaugurated on Oct 26

As many as 50 industrial units, projects and facilities will be inaugurated in economic zones (EZs) across the country on October 26 marking 50 years of independence.

Bangladesh Economic Zones Authority (BEZA) Executive Chairman Shaikh Yusuf Harun said Prime Minister Sheikh Hasina will virtually inaugurate the industrial units, projects and facilities and BEZA will have the event at eight venues, reports BSS.

"These include commercial operations of four factories at the Bangabandhu Sheikh Mujib Shilpa Nagar (BSMSN) in Chattogram and eight factories in different privately-run EZs," he added.

He said these industrial units have already invested more than US$ 967.73 million and will make a further investment of nearly $331.27 million.

He informed that the PM is also expected to lay the foundation stone of 29 industrial units in different EZs, which have so far invested $610 million and are in the process of investing $1,922.39 million more.

The EZ facilities, to be inaugurated, include administration buildings of BSMSN, Jamalpur Economic Zone, Srihatta EZ, and Sabrang Tourism Park, he added.

Besides, the BEZA chief said, the PM will also formally open the 20-kilometre Sheikh Hasina Sarani, 230-KVA gridline and substation at the BSMSN.

The prime minister will also lay the foundation stone of a water treatment plant that has 50 million litres per day (MLD) capacity, he added.

Of the industrial plants, which will be inaugurated, four establishments are at the Bangabandhu Shilpa Nagar.

McDonald Steel Industries Ltd, one of these, produces prefabricated structural steel, used in steel bridges and steel high-rise buildings, factories and power plants.

Nippon & McDonald Steel Industries Limited produces MS Plate manufacturing from imported steel, purlin, slitting sheets and coil.

Asian Paints Bangladesh Limited, which produces paints and allied products, emulsions, has invested $34 million in the economic zone.

Samuda Construction Limited, the manufacturer of the phc pile, is constructing their factory on 4-acre land with an investment of $8.2 million.

BEZA aims to establish economic zones in all potential areas in Bangladesh including backward and underdeveloped regions to encourage rapid economic development through the increase and diversification of industry, employment, production and export.

Of the planned 100 economic zones, the government has approved 97 economic zones, 28 of which are currently under development.

So far, 12 privately owned economic zones have received licences to operate and nearly $4 billion have been invested in these economic zones.

The goal is to create employment for 10 million people directly and indirectly. It is also expected to produce and export products worth $40 billion annually in these economic zones.

Investors can avail of tax holidays and duty-free imports of raw materials and machinery at the economic zones.

The economic zones have attracted foreign direct investments from countries including Japan, China, India, Australia, the Netherlands, Germany, America, the United Kingdom, Singapore, South Korea, and Norway.

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