China's Yabang Group will invest $300 million in setting up textile and chemical industries in Bangabandhu Sheikh Mujib Industrial City in Chattogram's Mirsarai area.
The Bangladesh Economic Zone Authority (Beza) is going to lease 100 acres of land to the leading Chinese dye and paint manufacturer for this purpose.
Beza signed a land lease agreement with Yabang Group at the Beza office in the capital on Tuesday.
Secretary to the Prime Minister's Office Md Tofazzal Hossain Miah was present as the chief guest and Chairman of Yabang Group Xu Xiaochu attended the function as special guest online. Executive Chairman of Beza Paban Chowdhury presided over the function.
Tofazzal Hossain said, "Another new field of investment has opened. It has proven that Bangladesh has been able to build an investment-friendly environment with the help of economic zones."
Mirsarai is being developed as one of the largest economic zones in South Asia, and this will lead to an unprecedented revolution in the country's industrialisation and increase people's living standards as well as meet the sustainable development goals, he added.
Yabang Investment Holdings Group Company Ltd, a Chinese company, belongs to China's Yabang Group. In addition to dye and coating, the group has investments in pigments, pharmaceuticals, veterinary products, medicine, pesticide, photovoltaic cells, mining, logistics, finance and real estate. Yabang Group's operating income is $4.5 billion and it is one of the top 500 Chinese companies.
Paban Chowdhury said, "Yabang Investment Holdings Group will manufacture textiles and other products at Bangabandhu Sheikh Mujib Industrial City. They will set up industrial units on 100 acres of land on an annual lease basis."
Xu Xiaochu, chairman of Yabang Group, said they have set a target to earn $146.40 million annually in exports from the industrial units. The amount of annual domestic sale of the group is likely to be $97.60 million. Besides, it will create employment opportunities for 2,200 people.
Yabang Group has a plan to start working on the project in January 2021.
The group has submitted an implementation plan as well as a master plan in support of the project's infrastructural development.
They have also submitted environmental management plans to address the environmental issues of the project. It will be a 100 percent foreign-owned project. The products manufactured will be exported to Europe, the United States and Australia.
Beza is building a full-fledged industrial city on about 30,000 acres of land in Mirsarai upazila of Chattogram, which has been named as "Bangabandhu Sheikh Mujib Industrial City". The industrial city is located just 10 kilometres away from the Dhaka-Chattogram highway and 65 kilometres from the commercial capital – Chattogram.
The industrial city will have all world-class facilities such as power plants, seaports, central waste management/water treatment plants, residential areas, commercial areas, universities and hospitals. For this, Beza is setting up connecting roads, dams, bridges, gas connection lines in collaboration with the concerned departments of the government.