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Bangladesh Economic Zones Authority (BEZA) has allocated 100 acres of land in Mirsarai to a joint venture investor Nippon and McDonald Steel Industries Limited.
A land lease agreement in this regard was signed on Sunday at the BEZA premises.
BEZA executive member Harun-or-Rashid and Md Sarwar Kamal of Nippon and Mcdonald Steel Industries Limited signed the land lease agreement on behalf of their respective sides.
Nippon and Mcdonald Steel Industries Limited is a joint venture company of Nippon Steel & Sumikin Bussan Corporation of Japan and Mcdonald Steel Building Products Ltd of Bangladesh, said a press statement issued by BEZA.
The company will build a large steel mill in Mirsarai Economic Zone in Chattogram, it said.
It has been learnt that the joint venture company would invest around US$ 59.19 million in the zone, the BEZA said.
The company would procure 50 per cent of its raw materials from local sources, the statement added.
The company aims to complete the project within next two years.
Executive Chairman of BEZA Paban Chowdhury attended the signing ceremony as the chief guest. Ito Takeshi, charge d'affaires, embassy of Japan in Bangladesh, and Koga Taiki, acting country representative of Japan External Trade Organisation (JETRO), among others, were present at the programme.
Speaking at the ceremony, Paban Chowdhury said bilateral relations between Bangladesh and Japan will be strengthened through this agreement.
"Japan has expressed its willingness to set up their second EZ in Moheshkhali," he said.
He appreciated the JICA's role in supporting to the development of EZ.
"BEZA will be able to start full-fledged operation of one-stop service by December next with the cooperation of JICA," he said.
Responding to a query, Koga Taiki said some 269 companies of Japan have so far invested in Bangladesh.
Some new Japanese companies have also shown their interest to invest here, he said.
BEZA executive member Dr M Emdadul Huq chaired the programme.