CHITTAGONG. Oct 9: The Kound breaking ceremony of ingunia Export Processing Zone (REPZ) here — the first in private sector — will be held at 10 am tomorrow.

Prime Minister Sheikh Hasina is scheduled to lay the foundation stone of REPZ. official sources said.

Addressing a press conference here today, the Managing Director of Chittagong Industrial Park Ltd., which will implement the REPZ project said construction work would begin soon. REPZ would cover 171 acres of land at Rangunia.

The REPZ, to be implemented in two years at a cost of Tk 2700 crore, is expected to draw an investment of 500 million US dollars, said A Qaiyum Chowdhury MD of CIPL.

He added that 40 per cent high tech and 60-per cent agrobased industries would be ac-... ^mf^atedin jiEPZ,derating direct employment opportunities for 50,000 people and indirect employment opportu-

niUes for 1.20.000 people,

He claimed that response had already been received from 10 local and foreign entrepreneurs for investment in REPZ, in addition to queries from others at home and abroad.

He said 12 special incentives including a 10-year lax holiday, income tax-free, bank loan and its interests, tax -free import and export and inter-zone export facility would be provided to the investors in REPZ.

The REPZ will have 250 industrial plots and container terminal, jetties, golf court, ring road, helipad, residential hotel and recreational centre etc.. Chowdhury said, adding that it would be expanded in phases.