An agreement of land lease worth $475 million has been signed between the Bangladesh Economic Zones Authority (Beza) and six other companies that have invested the fund in the economic zones.
As per Beza, a total of 17 acres of land will be allocated to the companies with the investments expected to generate at least 8,219 jobs.
The six companies that signed the agreement with Beza include Healthcare Pharmaceuticals, Ifad Motors, East West Travels and Tours and three other firms under the Dipta Group.
The three other firms under the Dipta Group are DIRD Composite Textiles Ltd, Dipta Garments Ltd and DIRD Garments Ltd.
Of the six companies, five will get plots allocated at the Sabrang Tourism Park, with the remaining one to get plots at the Bangabandhu Sheikh Mujib Shilpa Nagar in Chittagong's Mirsharai.
Sabrang Tourism Park will be the first exclusive tourism park in Cox's Bazar district encompassing an area of 1,027 acres surrounded by an amazing hill and sea beach territory, providing the perfect conditions for the development of tourism and entertainment facilities.
Ifad Motors, the subsidiary of Ifad Group and a local industrial giant with prominence in consumer goods and commercial vehicles will get plots at the Sabrang Tourism Park to invest $16.20 million in building a 3-star hotel and resort.
As per Ifad Motor’s investment proposal, the 10-storied hotel will have 370 rooms constituting leisure spots, recreational venues, a convention center as well as tourist transportation.
DIRD Group, which started its operations in 1984 and is involved in garment manufacturing, textile, engineering, software and agricultural sector, will also get plots at Sarang for three of its firms to build cottages, resorts, hotels and motels at a total investment of $38.21 million, as per its investment proposal.
The group expects at least 669 people to be employed at the new businesses.
East West Travels and Tours will also build a hotel at Sabrang on 1 acre of land with an investment worth $2.72 million.
On the other hand, Beza already allocated 30 acres of land for Healthcare Pharmaceuticals, one of the leading local drug-makers in Bangladesh, at the Bangabandhu Sheikh Mujib Shilpa Nagar.
However, the drug manufacturer still needs another 10 acres of land for business expansion in active pharmaceutical ingredients and formulated pharmaceutical products.
The company will invest the biggest chunk of the investment worth $400 million to set up its new plants at Shilpa Nagar to expand its manufacturing capacity, which is expected to reduce imports of medicine-based raw materials following local production.
Bangabandhu Sheikh Mujib Shilpa Nagar, the country's largest industrial city in the south-eastern region, is spread over 30,000 acres of land at Mirsarai and Sitakunda upazilas of Chittagong and Sonagazi upazila of Feni and is being implemented by Beza to bring in investments that cater to economic growth.
Beza is working toward establishing 100 economic zones across the country by 2030, which will generate 10 million jobs for the locals.
It also expects to produce and export products worth $40 billion annually in and from these economic zones.
Investors can avail of tax holidays, duty-free imports of raw materials and machinery, exemption from dividend tax, VAT-free electricity, gas and water and other fiscal facilities in the zones.
Beza Executive Member (Administration & Finance) Abdul Azim Chowdhury, Healthcare Pharmaceuticals' Director Md Halimuzzaman, Ifad Motors Managing Director Taskin Ahmed, DIRD group Director Miz Shejuti Daulah and East-West Travels' Managing Director Mahmudul Hasan signed the agreement on behalf of their respective organizations.
