3 companies to invest over $35.14 million in two economic zones
Three companies are going to invest more than $35.14 million in two economic zones in the country by leasing around 24 acres of land.
According to Bangladesh Economic Zones Authority (Beza), Swan International (Pvt) Ltd and Pinnacle Bicycle will set up tire and bicycle factories with an investment of $35.14 million.
On the other hand, Bangladesh Industrial Technical Assistance Centre (Bitac) will set up a technical training institute. However, their investment amount is yet to be disclosed.
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Sources said the Beza would sign land lease agreements with the companies on 25 January.
Swan International placed an investment proposal of $13.18 million to set up a tire manufacturing plant on 10 acres of land in the Bangabandhu Sheikh Mujib Shilpa Nagar in Chattogram's Mirsarai. The plant would create employment opportunities for around 9,000 people, as per the sources.
Swan International is the sole distributor of MAXXIS Tire, PRESA Tire and CST Tire in Bangladesh. The company has been collaborating with Cheng Shin Rubber Ltd to help expand its business globally since 1996. They sell tires for bicycles, motorcycles, passenger cars, light trucks, truck and bus, industrial tires etc to meet the domestic demands of Bangladesh.
Amzad Khan, managing director of Swan International, told The Business Standard, "We are involved in the tire sector for a long time. We are increasing our investment by setting up a factory as the demand for tires has increased."
"We will set up the factory as soon as possible after getting the land. We will produce export quality tires," he added.
Meanwhile, Pinnacle Bicycle is a sister concern of Shamrat Cold Storage Ltd which is one of the pioneers in potato storage in Munshiganj.
According to Beza, the company will set up a bicycle factory in the Bangabandhu Sheikh Mujib Shilpa Nagar on eight acres of land with an investment of $21.96 million. The factory will employ around 1,000 people.
On the other hand, Bangladesh Industrial Technical Assistance Centre (Bitac) will set up a technical training institute on six acres of land in the Jamalpur Economic Zone which is under construction as the first of its kind in the Mymensingh division.
The country's largest industrial city, the Bangabandhu Sheikh Mujib Shilpa Nagar is being constructed in an area of 30,000 acres of land in Mirsarai and Sitakunda upazilas of Chattogram and Sonagazi upazila of Feni.
The Beza is working toward establishing 100 economic zones across the country by 2030. The goal is to create employment for one crore people. The Beza also expects to produce and export products worth $40 billion annually in and from these economic zones.
