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PM opens 14 factories at economic zones

Investors flocking to private economic zones
12 enclaves got investment proposals worth $4.27b
STAR BUSINESS REPORT
Prime Minister Sheikh Hasina yesterday inaugurated the comme-ncement of commercial production at 14 industrial units while also announcing the establishment of 29 others in public and private economic zones to encourage planned industrialisation in Bangladesh.
Entrepreneurs of the 43 factories have already invested $1.57 billion of their proposed investment of $3.8 billion in various economic zones under the Bangladesh Economic Zones Authority (Beza).
The prime minister also inaugurated seven infrastructure development projects and laid the foundation stones of numerous units at two economic zones to mark the golden jubilee of Bangladesh’s independence.
“We will not stop here, we will develop marine drive from Mirsarai to Cox’s Bazar. We have that plan as people can enjoy our huge ocean. We emphasise on blue economy,” she said through a video conference from her official residence at Gono Bhaban.
The virtual ceremony was organised by Beza.
JAGARAN CHAKMA and MD ASADUZ ZAMAN
Twelve private economic zones in Bangladesh have received good responses from investors drawing investment proposals involving $4.27 billion from local and foreign entrepreneurs in the past six years.
At least 70 per cent of the sum has already been invested in the zones, set up as part of the government initiative to establish 100 economic zones across the country as it looks to accelerate industrialisation, create jobs and cut poverty.
The commercial production at more than 20 industrial units in the private economic zones, including Meghna, City, Abdul Monem, and Bay has begun and they are exporting goods, according to the sources at the Bangladesh Economic Zones Authority (Beza).
Another 35 industrial units are under construction and they are expected to go into production within one and a half years.
Automobile, chemical, pharmaceuticals, light engineering, hospital, plastic, edible oil and food-processing are among the sectors that have attracted investment proposals.
Three zones of Meghna Group of Industries (MGI) located in Narayanganj and Cumilla have wooed investment proposals worth $1.48 billion. Most of the amounts have already been invested.
MGI itself has invested $550 million to set up seven factories and developed infrastructures in Narayanganj and Cumilla. The industries were inaugurated yesterday.
Of the seven, Meghna PVC Ltd, Meghna Foil Packaging Ltd, Sonargaon Solar Energy Ltd, and Meghna Bulk Bag Industries Ltd are already operational.
The foundation stone laying ceremony for the rest three -- Cumilla Economic Zone Ltd, Meghna Glass Industries Ltd, and Meghna Re-rolling and Steel Mills Ltd – took place yesterday.
“We are working for the country’s people to create new jobs and prosperity of Bangladesh,” said Mostafa Kamal, chairman and managing director of MGI, one of the conglomerates in Bangladesh, at the ceremony.
“As per our commitment, we have already generated around 3,000 jobs in seven factories and infrastructures.”
According to the Beza, 36,602 jobs were created in the private economic zones.
The City Economic Zone, owned by City Group, has attracted investments worth $1.6 billion, Beza sources said. A total of 14 factories will be set up in the zone located in Rupganj of Narayanganj.
At the zone, four factories are operational and three are carrying out trial runs.
“The City Economic Zone is already occupied,” said Paban Chowdhury, adviser of City Group.
The group’s other zone Hoshendi Economic Zone, located in Munshiganj, received $452.79 million worth of investment proposals.
“We are also going to confirm a big investment from Korea in the readymade garments sector,” said Chowdhury, also a former chairman of the Beza.
At the economic zone, City Seed Crushing Industries will produce edible oil and soymeal, the raw material used to make poultry feed. City Polymers will manufacture 10 lakh polybags daily.
Abdul Monem Economic Zone Ltd, situated in Gazaria of Munshiganj, has targeted to set up eco-friendly garments and textile, electronics, ICT, food processing, plastic, furniture, pharmaceuticals, and light engineering industries.
Bangladesh Honda Private Limited, a joint venture of Honda Motor Company Limited of Japan and Bangladesh Steel and Engineering Corporation, has invested in the zone and begun marketing bikes made in the factory.
AK Khan Economic Zone in Narsingdi is setting up the industrial enclave on the bank of the Shitalakshya with an inland container terminal. It aims to bring port facilities to the doorstep of industries.