CHITTAGONG, Dec 31: The multinational 100 per cent export-oriented Tk 2000 crore KAFCO project being imple- ■ mented over 80 acres of land on the bank of the Karnaphuli river here, is expected to go Into production in October, 1994.

Briefing the newsmen at the Karnaphuli Fertilizer Company (KAFCO) project office this ■afternoon. Minister for Industries Zahiruddin Khan informed that 93 per cent works of the KAFCO project had already been completed paving the way for commissioning of It ahead of schedule despite suspension of works for about a year. The plant was earlier scheduled to be commissioned by January '95.

The minister said the gas-

based KAFCO plant would be able to earn foreign currency of Tk 400 crore per year by exporting fertilizers to be manufactured by it.

As a result, the project will get the total investment returned In five years, the minister hoped.

Zahiruddin claimed that the KAFCO project had generated tremendous impact in the field of international cooperation with Bangladesh.

"Foreign investors now feel encouraged to come here." he added.

The shareholders of the KAFCO project Include the Bangladesh Chemical Industries Corporation (BCIC). Japan. Denmark. UK and Holland. The Karnaphuii Fertilizer Company targets to export 5.74,425 MT of urea and 1.66.500 MT of ammonia an nually.

Of the annual production from which 1.50 lakh metric •tons of ammonia fertiliser would be exported to India under l he agreement signed at tlie Joint Economic Commission (J EQ) between the two cqun-tries.

The Industries Minister said this kind of export-oriented project would greatly contribute in narrowing down the trade Imbalance between the two countries.

Dr Manucher TowhidL Managing Director of KAFCO. BCIC chairman Waseq al-Azad. were among others present on the occasion.

After suspension of work for about a year, work on ,the KAFCO project resumed from October 1. 1992 after re-negoti-ation of the contract with the present government.