China to begin work on economic zone in Ctg soon

China will soon begin work on developing an economic and industrial zone in Chattogram's Anowara upazila.

To this end, a memorandum of understanding was signed between Bangladesh Economic Zones Authority (Beza) and China Road and Bridge Corporation on Thursday. 

Shaikh Yusuf Harun, executive chairman at Beza, told The Business Standard, "We want to build a Chinese Economic Zone. Earlier, we had signed a G2G [government-to-government] agreement with China. The Chinese government then nominated China Harbour Engineering Company Ltd for the work." 

The Chinese government has now changed that company and entrusted China Road and Bridge Corporation with the project, he noted.

The economic zone on 778 acres of land is expected to create employment for at least 30,000 people, he said.

The zone has access to water transportation and the site is suitable for export-oriented industries because of its proximity to the largest sea port of Bangladesh, he noted.

Regarding investment, Shaikh Yusuf Harun said this zone is fully dedicated for Chinese investors. The MOU has just been signed.

Everything will be finalised after securing the seal of approval from the Cabinet Committee on Economic Affairs.

Chemical, automobile assembly, garments and pharmaceutical factories will be built in the economic zone. 

China's Ambassador to Bangladesh Li Jiming said, "China is proud to be a partner in establishing a Chinese economic zone under the G2G initiative. We are committed to working quickly to complete this economic zone."

Meanwhile, 783 acres of land has been acquired for setting up the zone and construction of two connecting roads and other utilities in the project has been completed, according to Beza.

Chinese government expressed interest in building the economic zone when Prime Minister Sheikh Hasina visited China in 2014.