Bangladesh Economic Zones Authority (BEZA) has given license to the Purbagaon Economic Zone (EZ), a sister concern of the City Group.
The license was granted today in a ceremony held at the BEZA conference room in the city, said a press release.
BEZA Executive Chairman Shaikh Yusuf Harun presided over the event.
The City Group, which is developing the project in Narayanganj, has earmarked an initial Taka 10,000 crore.
In his speech, Shaikh Yusuf Harun said many investors from home and abroad have expressed interest in investing in economic zones in the country.
He hoped that the Purbagaon EZ would facilitate rapid economic development in the country through increased and diversified industrialisation, employment, production and export.
At the event, Managing Director of City Group Md Hasan said Taka 10,000 crore will be initially invested in the establishment of the Purbagaon Economic Zone through which around 11,000 people will be employed.
He also mentioned that the industrial construction work will start immediately.
"There are plans to invest in steel mills, chemicals and ceramics sectors. Keeping this goal in mind, sustainable and environment-friendly industrial factories will be built," he added.
Purbagaon Economic Zone will be built on about 93 acres of land at Kayetpara union of Rupganj upazila in Narayanganj district.
It is located 25 kilometres from Dhaka and 180 kilometres from Chattogram seaport via road.
There are future plans to expand the EZ to cover 150 acres.