Six firms sign economic zone plot deal

Six companies with a total investment of around $457 million signed a land lease agreement with the Bangladesh Economic Zones Authority (Beza) on Wednesday (21 September).

The companies are Healthcare Pharmaceuticals Limited, Ifad Motors, East West Travels and Tours Ltd and three firms of Dipta Group – DIRD Composite Textiles Ltd, Dipta Garments Ltd and DIRD Garments Ltd.

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 organisations.

Five of the firms will be allocated the plots at the Sabrang Tourism Park, and one at the Bangabandhu Sheikh Mujib Shilpa Nagar in Chattogram's Mirsharai. 

All the plots span a total of 17 acres as the investments are expected to generate at least 8,219 jobs, said Beza officials in conditions of anonymity.

Speaking on the occasion, Beza executive chairman Sheikh Yusuf Harun said Beza has been successful in building an investment-friendly environment in Bangladesh where the largest industrial city in South Asia is being constructed in Mirsharai.

"The economic zone is set to bring an industrial revolution which will improve the living standards of people alongside achieving the sustainable development goals," he said adding, "Beza has adopted several initiatives to establish a world-class tourism centre in Sabrang Tourism Park."   

Sabrang Tourism Park will be the first exclusive tourism park in Cox's Bazar district encompassing an area of 1,027 acres. Sabrang has an amazing hill and sea beach territory. The purest air, lofty hill, sea and lagoon offer the perfect conditions for the development of tourism and entertainment facilities.

Ifad Motors, a subsidiary of Ifad Group, is a local industrial giant with prominence in consumer goods and commercial vehicles. It will get plots at the Sabrang Tourism Park to plough into $16.20 million to build a 3-star hotel and resort.

According to Ifad's investment proposal, the 10-storied hotel will have 370 rooms. There will also be leisure spots, recreational venues, a convention centre and tourist transportation.

Welcoming the deal signed today, Ifad Motors Managing Director Taskin Ahmed pledged to start building the hotel ASAP, while DIRD Group Director Miz Shejuti Daulah hoped that the investments will receive highest cooperation from Beza.

Coming into operations in 1984, DIRD Group is involved in garment manufacturing, textile, engineering, software and agricultural sector. The three firms of the group will also get plots at Sabrang.  

They will build cottages, resorts, hotels and motels at a total investment of $38.21 million, according to the investment proposal. The group expects at least 669 people will be employed at the new businesses.

The fifth company East West Travels and Tours Ltd, established in 1988, will also build a hotel at Sabrang on 1 acre of land.  

Healthcare Pharmaceuticals Limited, one of the leading local drug-makers in Bangladesh, will get a 10 acre of land at the Bangabandhu Sheikh Mujib Shilpa Nagar. Beza has already allotted 30 acres of land to Healthcare Pharmaceuticals at the Bangabandhu Silpa Nagar. The drug-maker said it needs another 10 acres of land for business expansion in active pharmaceutical ingredients and formulated pharmaceuticals products.

The company will invest $4০০ million to set up its new plants at Shilpa Nagar to expand its manufacturing capacity.

Calling the agreement a milestone, Healthcare Pharmaceuticals' Director Md Halimuzzaman hoped that medicine raw material imports will decline after they start producing Active Pharmaceutical Ingredients at home. 

Beza is implementing the Bangabandhu Sheikh Mujib Shilpa Nagar – the country's largest industrial city in the south-eastern swathe – on 30,000 acres of land at Mirsarai and Sitakunda upazilas of Chattogram and Sonagazi upazila of Feni. 

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 holiday, 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.