Bangladesh Economic Zones Authority (BEZA) on Wednesday signed land lease agreements with three organizations. The organizations are: Bangladesh Industrial Technical Assistance Centre (BITAC), Swan International (Pvt) Ltd and Pinnacle Bicycle.
BEZA Executive Member (Investment Development) Md Ali Ahsan, Swan International (Pvt) Ltd Managing Director Md Amzad Khan, Pinnacle Bicycle Md Iftekhar Khan and BITAC Director General Anwar Hossain Chowdhury signed the agreements on behalf of their respective organizations at a function at BEZA conference room in the city, said a press release.
BEZA Executive Chairman Sheikh Yusuf Harun was present on the occasion. According to BEZA, Swan International (Pvt) Ltd and Pinnacle Bicycle will set up tire and bicycle factories with an investment of US$35.14 million. On the other hand, BITAC will set up a technical training institute.
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 1,000 people.
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.
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, 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.