The construction and development works of much-awaited Hi-Tech Park will begin today to create knowledge-based skilled manpower and employment.
Bangladesh TechnoSity Limited, one of the developers of the park, is tasked with developing Block 3 of the Hi-Tech Park.
The high-technology enterprises aim to promote Foreign Direct Investment, nurture entrepreneurs and support techno-based start-up companies.
The park will be considered as a specialised zone to attract investors especially foreign investors who would be able to exploit the vast potentials of young educated and technically skilled workforce in the country.
Zunaid Ahmed Palak, state minister for ICT, will lay the foundation stone of the park at a function while Hosne Ara Begum, managing director of Bangladesh Hi-Tech Park Authority, and Moynul Hoque, managing director of Fibre@home, parent company of TechnoSity, will be present, among others.
Kaliakoir Hi-Tech Park, the first ever in the country, is located at Kaliakoir upazilla in Gazipur, 40km north of Dhaka with 232-acre area.
The acquisition of further 100-acre government land is underway, which will be added to the park.
The TechnoSity Limited and Hi-Tech Park Authority signed an agreement on August 11 to expedite the construction and development works.
Sources said TechnoSity and Malaysia’s IRIS Corporation Berhad Technology would jointly develop the project.
TechnoSity will invest $25m for construction initially, and if necessary, the investment would be increased by 10 to 12 times.
Moynul Hoque, managing director of Fibre@home, parent company of TechnoSity, said: “We are happy that we could kick off the development works of Block 3 shortly after signing the agreement.
He hopes that the project work will be completed within the stipulated time.
TechnoSity will develop 40 acres of land under the block on a design, build, finance, own, operate (DBFOOT) basis between 6 and 10 years.
Following the development, it will operate the block for 40 years, which can be extended later for another 20 years. After 60 years, the block will be handed over to the government.
The target industries of Block 3 include IT/ITES, BPO and software, hardware manufacturing, multimedia and animation, electronic and robotics, bio-tech, robotics engineering, telecommunication, renewable energy, auto-mobile, education and training institutes, venture capitalists and incubators.
On June 28, Bangladesh Hi-Tech Park Authority also signed an agreement with Summit Technopolis to develop block No. 2 and 5, which span over 65 acres and 29 acres of land respectively.
The Hi-Tech Park Authority itself will develop Block 1 on 65-acre land for administrative purpose. The tender evaluation process for developing Block 4 is yet to finish.
The park authority offers 10 years tax holiday, exemption of income tax for expatriate professionals, permission for 10 years accelerated depreciation, exemption from import duties, 100% exemption of taxes for all exports, 100% equity is allowed for FDI companies, customs-bonded warehouse and single window agency.
HosneAra Begum, managing director of Bangladesh Hi-Tech Park Authority, said the park will be equipped with available gas, electricity connection, high-speed internet and a separate power plant with a capacity of 150 megawatt.
As many as 70,000 employments will be created while over one lakh people will be employed indirectly, she said.
