The Financial Express

BEZA to see $457m investment in hotels, pharma industries

Signing of land lease deals with six companies today

| Updated: September 23, 2022 17:24:33

BEZA to see $457m investment in hotels, pharma industries

A total of six companies are set to invest US$457.13 million in the country's two economic zones (EZs) for establishing five hotels and a pharmaceuticals manufacturing unit.

Five businesses will construct hotel, motel and resorts in Sabrang Tourism Park (STP) in Cox's Bazar at a cost of $57.13 million, according to people familiar with the development.

Besides, Healthcare Pharmaceuticals Ltd. will install a penicillin product manufacturing unit in Bangabandhu Sheikh Mujib Shilpa Nagar (BSMSN) making an investment worth $400 million in phases.

All the companies will sign land lease agreements with the Bangladesh Economic Zones Authority (BEZA) at its office in the city's Sher-e-Bangla Nagar area today (Wednesday).

The investment altogether will generate employment for over 8,000 people when the facilities will start operations.

Healthcare Pharma is developing three industrial units on 40 acres of land in phases.

An official said the BEZA has already allotted 30 acres of land in favour of the drug maker.

"They need further 10 acres of land to implement their project," he said, adding: "They will establish three industries in Active Pharmaceutical Ingredients (API) and Formulated Pharmaceuticals Products."

Ifad Motors Limited, a subsidiary of Ifad Group of Bangladesh, will build a three-star hotel on one acre of land in Sabrang.

According to their investment proposal, the 10-storied hospitality complex having 370 rooms will create 350 direct employment opportunities.

Three subsidiaries of the DIRD Group will establish three accommodation facilities including hotels, motels, resorts and cottages in the exclusive tourism park.

Two complexes will be established on two acres of land each and the remaining one will spread in one acre. They will make investments worth $17.29 million, $14.25 million and $6.67 million respectively, and create employment for nearly 700 people.

According to the proposals, DIRD Group started operation back in 1984 in business areas including garment, textile, engineering, software and agricultural sector.

A Dhaka-based company in the tourism sector, East West Travels & Tours, will establish a hotel in the STP making an investment worth $2.72 million.

BEZA is developing the Sabrang Tourism Park at Teknaf upazila of Cox's Bazar District as the country's first exclusive tourism park encompassing an area of 1,027 acres.

The tourism park is expected to give an impetus to the country's tourism sector by drawing a good number of foreign tourists.

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