Fervent Multiboard Industries to invest $93m in Jamalpur Economic Zone

• Fervent will produce wood and jutex particle boards, melamine-faced chipboard, and veneered boards
• Its factory complex is on 60 acres of land
• some 1,000 workers are expected to be employed
• Nine companies got land allocation in the economic zone earlier

Fervent Multiboard Industries Limited is going to set up a wood and other boards manufacturing industry in the Jamalpur Economic Zone in Jamalpur with an investment of $93 million.

To make this happen, the company signed a land-lease agreement with the Bangladesh Economic Zones Authority, also known as Beza, at the latter's office in the capital Sunday (1 January), said a press release.

Beza Executive Member Md Ali Ahsan and Fervent Multiboard Industries Chairman S M Mahabubul Alam, also a founding director of Walton Hi-Tech Industries, inked the deal on behalf of their respective organisations.

Nine companies got land allocation in the economic zone earlier.

Fervent will produce wood and jutex particle boards, melamine-faced chipboard, and veneered boards in the factory complex on 60 acres of land, where some 1,000 workers are expected to be employed, according to the release.

It will also set up an administrative building, warehouses, logistics sheds, treatment plants, and dormitories there. Besides, the company will adopt the latest environment-friendly technologies and an environment management plan to make the industry green.

"Beza has been able to create an investment-friendly environment. As a result, the demand for land in economic zones has been on the rise. The Jamalpur Economic Zone is a case in point," Beza Executive Chairman Shaikh Yusuf Harun said.

"We are working to ensure all utility facilities to the investors in the zone, from which people of the region will also benefit."

The under-construction 436-acre economic zone is the first of its kind in the Mymensingh division. It is meant especially for agriculture-based factories, light engineering and RMG industries.

At least 32,000 jobs are expected to be created there once the economic zone goes into operation.