SPS Agrotech Ltd., an Indo-Bangla Joint Venture Company is going to establish a Rice Bran Oil manufacturing industry in Ishwardi EPZ with an investment of US$ 6.69 million.
This agro-based product is a new addition to the diversified items manufactured in EPZs and going to be the first rice bran oil industry in EPZs, reads a press release.
The company will produce annually 150,000 metric tonnes of rice bran oil. They will create employment opportunity for 337 Bangladeshi nationals.
Bangladesh Export Processing Zones Authority (BEPZA) and SPS Agrotech Ltd. signed an agreement to this effect on Wednesday at BEPZA Complex in the capital.
Member (Finance & Investment Promotion-Additional Charge) of BEPZA Nafisa Banu and Managing Director of SPS Agrotech Ltd. Chitta Majumder signed the agreement on behalf of their respective sides. BEPZA Executive Chairman Major General Md Nazrul Islam, SPP, ndu, afwc, psc, G witnessed the signing ceremony.
Mentionable, the EPZs are strengthening the foundation of the country's economy by reducing the risk of monopolistic dependence on the garment industry through diversifying products.
Recently, the Prime Minister Sheikh Hasina urged to enrich the country's export basket by establishing food and agro processing industries. Responding to the call of the Prime Minister, BEPZA is encouraging investment of this sector in the EPZs and BEPZA Economic Zone.
Among others, Secretary of BEPZA Md Zakir Hossain Chowdhury, General Manager (Investment Promotion) Md Tanvir Hossain and General Manager (Enterprise Services) Md Khorshid Alam were present at the signing ceremony.