Bangabandhu Sheikh Mujib Industrial City, now being developed in the country's southeastern part, will create job opportunities for 15 lakh people, experts say.
It is now being constructed on around 30,000 acres of land touching three upazilas- Mirsarai, Sitakundu and Sonagazi- under Chattogram and Feni districts respectively.
“It will be a business hub. And this industrial city will encourage rapid economic development through increase and diversification of industry, employment, production and export,” officials said.
According to the Bangladesh Economic Zones Authority (BEZA), the company received an investment of US$ 3.98 billion in the Corona pandemic last year. Of this, the share of domestic entrepreneurs is US$ 348 billion, or more than 87 percent of the total offer. The highest number of investment proposals came for Bangabandhu Industrial City in Mirsarai, Chattogram. The highest investment proposals came from China, India, Australia, the Netherlands, Korea, Singapore and the United Kingdom.
Many foreign commercial companies including Berger Paints UK, Jiangsu Yabang Dyestuff Company Limited, Jihong Medical Products (BD) Company Limited and CCCC Bangladesh Limited of China, Ramky Enviro Services Pvt Ltd Worldwide, Australia's Tech Limited, Netherlands' Tiktiki Sports BV and Singapore's Inter-Asia Group Limited, along with world-renowned companies like HA, Fortis Group, a joint venture between Germany and India are going to start their activities there soon.
Local investors include Metro Spinning Limited, Maxons Spinning and Textiles, Samuda Food Products Limited, Uttara Motors Limited, Bangladesh Garment Manufacturers and Exporters Association (BGMEA), Simon Beach Resort Limited, Maf Shoes Limited, Bangladesh Garment Accessories and Packaging Manufacturers and Exporters Association (BGAPMEA), N Mohammad Plastic Industries Ltd., Ifad Autos Ltd., Runner Motors Ltd., Saif Powertec, Delta Pharma Ltd. and Asia Composite Mills Ltd. and others.
According to BEZA, 'Bangabandhu Sheikh Mujib Industrial City' will be the largest economic region in Southeast Asia.
BEZA said the investment target for the industry here is US$ 40 billion. So far, the industrial city will be the address of the highest foreign investment and create jobs for 1.5 million people in the country.
Meanwhile, 26 industrial establishments are in the process of starting production in Bangabandhu Sheikh Mujib Industrial City. Besides, 36 industrial establishments are under construction. So far, Bangabandhu Industrial City has received an investment proposal of US$ 1.239 billion. Till now, there is land allocated for 69 companies there.
BEZA executive chairman, Paban Chowdhury while talking to Bangladesh Post said, "Among all the economic zones, Bangabandhu Sheikh Mujib Industrial City is the unique one. Really it is a vast industrial city. All kinds of heavy industries are being set up here. This will create massive investment and employment opportunities. We are determined to complete the infrastructure development work of the industrial city within the stipulated time. If it is implemented, at least 1.5 million people will be employed here".
Bangladesh Investment Development Authority (BIDA) is providing 41 types of investment facilities through One Stop Service (OSS) and many more are about to be added. The government is making this service easier to encourage investors.
Research director at the Center for Policy Dialogue (CPD) Khandaker Golam Moazzem said, "There is a possibility of post-Corona investment transfer. That may be a matter of time. However, Bangladesh needs to be prepared to seize that opportunity. For this, the work of economic zones needs to be taken forward quickly. Many neighboring countries have economic zones. In that case, Bangladesh needs to be unique and attractive to avail those opportunities."