Meghna Industrial Economic Zone (MIEZ) Ltd, a division of Meghna Group of Industries (MGI), has signed a land lease agreement with China Infrastructure Construction BD Co Ltd.
The agreement was formalized on Sunday, with MIEZ Ltd Director Tanveer Mostafa and China Infrastructure Construction BD Co, Ltd.
Managing Director Li Yongjiang signing on behalf of their respective organizations.
The signing ceremony was attended by MGI Chairman & Managing Director Mostafa Kamal as the chief guest, and Zhang Xiaoliang, director of the publicity office of the Chinese Enterprises Association in Bangladesh.
China Infrastructure Construction BD Co, Ltd, a subsidiary of China Yunnan Lituo Pipe Pile Group, is renowned as a leading foundation construction and prefabricated pipe pile production enterprise in Yunnan Province, China.
According to the agreement, the company will establish a prefabricated pipe pile factory within MIEZ, investing approximately $9 million in Bangladesh.
This investment will cover the establishment of production facilities, equipment, office space, material storage, and finished product areas on about 3 acres of land within MIEZ Ltd.
Prefabricated pipe piles are essential for real estate and various engineering projects, including highways, railways, ports, and power generation facilities such as wind, nuclear, and solar energy projects.
Given Bangladesh's predominantly flat, alluvial terrain, the demand for these materials is notably high.
In Dhaka alone, the annual demand for prefabricated pipe piles is around 2 million meters, with a significant portion currently being imported.
The new factory at MIEZ, located in Meghnaghat, Narayanganj, is expected to meet local demand and reduce import dependency.
The establishment is anticipated to create hundreds of employment opportunities, further contributing to the local economy.
