Bangabandhu industrial city to get $28.69m Chinese investment

Two Chinese companies have leased 18 acres of land from the Bangladesh Economic Zones Authority (Beza) to manufacture export-oriented steel structures and ready-mix concrete, and non-woven personal protective equipment at Bangabandhu Sheikh Mujib Industrial City.

The companies will invest a total of $28.69 million on the plot and employ around 2,000 people.

Principal Secretary to the Prime Minister Ahmad Kaikaus was present at the dead signing ceremony led by Beza Executive Chairman Paban Chowdhury in Dhaka Monday.   

At the same event, Beza signed a separate agreement with Brac Bank and its mobile financial service provider bKash. Under the agreement, Beza will set up a new branch in the industrial city to provide banking services to investors. And bKash will be tasked to speed up transactions at the One Stop Centre.

As the chief guest of the programme, Ahmad Kaikaus said Beza is bringing foreign investment in the country even during the pandemic – which proves that the present government is investment-friendly.

Paban Chowdhury said investors will be able to pay the services fees through bKash at the one-stop service centre. Apart from Brac Bank, HSBC, City Bank and Eastern Bank will soon begin their banking services in the industrial city.

Speaking as the special guest on the occasion, Brac Bank Deputy Managing Director Selim Tareq Rifat-Ullah Khan said, "We are happy to be a partner in the development of Bangabandhu Industrial City. We hope to continue the cooperative role in the future."

The function was told that Chinese company CCECC will invest $15.97 million on 10 acres of land in the city to manufacture export-oriented steel structure and ready-mix concrete. It will generate about 350 jobs.

On the other hand, Jiuhong Medical will invest $12.72 million on 8 acres of land. The company will employ 1,500 people for manufacturing non-woven PPE products.

On behalf of Beza, its Executive Member Md Abdul Mannan, Deputy Managing Director of Brac Bank Tareq Rifat-Ullah Khan, Chief External and Corporate Affairs Officer of bKash Major General (Retd) Sheikh Md Monirul Islam, CCECC Chairman Ke Changliang and Jiuhong Medical Plant Director Wang Jing signed their respective agreements.

Public Administration Secretary Shaikh Yusuf Harun and Senior Land Secretary Maksudur Rahman Patwari also spoke on the occasion.