A new cement factory belonging to Scancem Bangladesh Limited, a member of the globally renowned Scancem Group, will be set up at Kanchpur near Dhaka to produce and pack cement. reports BSS.

A protocol to this effect was signed between Scancement International Limited and Korea Heavy Industries and Construction Limited at Dhaka Sheraton Hotel yesterday.

Hans Fredrik Myklestu, Chairman of Scancement International Limited and Young Soa-suh. Vice-President of Korea Heavy Industries Construction Limited, signed the protocol on behalf of their organisations."

The construction of the new plant is expected to be com-

pleted in the year 2001.

Commerce and Industries Minister Tofail Ahmed, who attended the protocol signing ceremony as. the chief guest, described the USS 50 million project as yet another milestone in the country's private sector, which Is growing in a faster pace in all terms and preparing itself to cope with the challenges of the next millennium.

Referring to another foreign cement plant being set up at Chhatak. he said the new one and the existing cement plants in the country would greatly help meet the country's annual demand for 4.5 million tonnes.

Tofail Ahmed said foreign companies are now increasingly interested to invest in Bangladesh, taking full advan-

tage of the country's liberal industrial and investment policies.

"We have offered a range of incentives and facilities to foreign investors." he said.

Speaking on the investment-friendly atmosphere in the country, the minister referred to the recent UNCTAD report that described Bangladesh as a higher recipient of foreign investment.

He said the positive trend of foreign investment, strong political commitment and good managerial efficiency of the current government would surely retrieve Bangladesh from the perimeter of LDCs soon.

He recalled the observation of a US expert that Bangladesh would soon become a middle -income country with its vast natural and human resources.

We are a nation of heroes which we have proved on many occasions including the War of Liberation in 1971 and the century's worst flood in 1998.'" he said.

The function was also addressed. among others, by President of the FBCCI and a director of the Scancem Bangladesh Limited Abdul Awal Mintoo. Chairman of Scancem International Limited Hans Fredrik Myklestu. Vice-President of Korea Heavy Industries Construction Limited Young Soa-suh and Charge D'affaires of South Korean Embassy in Dhaka Lee Hee-Sup. General Manager of the new plant Martin Schijolberg delivered welcome address.

Abdul Awal Mintoo said Scancement International Limited had long been a hallmark of quality with its most modern ana sophisticated machinery and managerial efficiency that enabled it to stand out as a pillar of strength all over tne world.

Young Soa-suh expressed his firm optimism that the new cement plant would further consolidate the cooperation between Bangladesh and other countries involved in it. "We . consider Bangladesh as a country with ample scope for gradual development In all spheres."

According to the company sources, the new project involves the initial use of an offshore bagging plant in the coastal areas of Chittagong while its further plans Indude construction of a grinding plant with a capacity of 1 million tonnes in Dhaka. The grinding plant include a cement terminal with silos and packaging facilities.

General manager of the new plant said, the company wants to keep pace with the flourishing Infrastructure of the country by enhancing the local production capacity while maintaining international standards.