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Saudi company Engineering Dimensions wants to build a large cement factory in northeastern Chhatak of Sunamganj district, officials said.
A delegation of the company arrives in Dhaka today (Saturday) discuss the investment plan, according to the officials.
If everything goes according to the plan, the cement manufacturing plant will be built on nearly 100 acres of land next to the state-run Chhatak Cement Factory, they said.
They also said the team is expected to hold talks with the high-ups of Bangladesh Chemical Industries Corporation, which owns the land, and the ministry of industries in connection with the investment proposal.
Confirming the visit, chairman of the Bangladesh Chemical Industries Corporation (BCIC) Haiul Quaium said the Saudi company wants to build a modern cement factory in Chhatak, close to its cement production base.
"It will be a huge foreign investment as the Saudi company wants to build the plant much larger than the Chhatak Cement Factory," he said.
The BCIC is now implementing a project of Tk 8.91 billion to convert the decades-old Chhatak factory into a dry processing cement making unit from the existing wet processing.
Nanjing-based Chinese company, C-HOPE Cement Engineering Group, has been officially assigned to revive the ailing factory with environment-friendly, energy-efficient and cost-effective technology.
BCIC commercial director Md Amin Ul Ahsan, also a line director of Chhatak plant, said that they would help the Saudi company acquire land for the mega factory.
"The initial plan is to build a separate cement factory there. If necessary, the proposed factory could be merged with the Chhatak Cement Factory because the company plans to build a mega unit," he said.
About size of the proposed investment, he said it could not be known immediately, but the proposed unit would at least be triple the size of the existing Chhatak factory.
According to officials, the Saudi company representatives would also visit Indian limestone supplier to get an update on whether it can supply the raw materials to the plant.
Limestone is one of the major raw materials for manufacturing cement.
Commerce secretary Abdul Halim said Saudi Arabia is one of the best partners of the country's development and the partnership with the Saudi's Engineering Dimensions is an outcome of Prime Minister Sheikh Hasina's recent visit to the oil-rich Kingdom.
With the implementation of the project, Bangladesh will cement its position as an ideal destination for foreign investment, he added.
The Engineering Dimensions has recently started implementing a US$ 35 million project at the state-owned General Electric Manufacturing Company Limited (GEMCO) for manufacturing transformers and electricity devices.
Officials said that the Saudi company would further expand the project at the GEMCO on successful execution of its initial project.