The Cumilla Economic Zone (CEZ) has received the final nod from the government, becoming the 12th private sector economic zone of Bangladesh.
The privately-owned industrial park, operated by Meghna Group of Industries (MGI), is expected to create employment opportunities for around 50,000 people and
draw investment worth US$2.0 billion.
The Bangladesh Economic Zones Authority (BEZA) on Sunday awarded the final license to the Meghna Group, a leading business conglomerate in the country, to build the economic zone in Cumilla, said a press release here.
The CEZ is expected to go into production within 2023, with land prepared for factory construction.
Many local and foreign companies have already expressed an interest in setting up factories at the industrial hub.
Situated on the bank of a tributary of the Meghna River near the Dhaka- Chattagram highway, the under-construction private economic zone is the first of its kind in the fast-growing Cumilla district.
Chief guest Prime Minister's Office Secretary Md Tofazzal Hossain Miah on the occasion said the economic zone would create employment and attract both foreign and domestic investments.
He, however, said that industries would need skilled workers and it was the responsibility of businessmen to ensure their presence.
"Besides having a conducive investment environment, BEZA's modern, fast and standard services have enhanced the scope for investments. BEZA has contributed in upholding the country's economic status despite the strains posed by the pandemic," he added.
Shaikh Yusuf Harun, executive chairman of the BEZA, said that there were 36 industrial establishments in the 11 private economic zones, having investments of $3 billion and employing 35,000 people.
Special guest, Mostafa Kamal, chairman of Meghna Group of Industries, said the Cumilla Economic Zone could result in 60 more industrial factories, creating 50,000 jobs.
He requested uninterrupted supply of gas and electricity at the economic zones, saying the government was trying but if those were ensured quickly, then more investments would come.
Mostafa Kamal said that he was keen on attracting investors from around the world.
Major General Abul Kalam Mohammad Ziaur Rahman, executive chairman of the Bangladesh Export Processing Zones Authority (BEPZA), also spoke on the
occasion.
According to the plans for the new economic zone, factories, administrative buildings, warehouses, logistics, water and waste treatment plants, roads and other necessary facilities will be constructed to make it self-sufficient.
There will also be greenery, healthcare and training centres. Eco-friendly technology will also be used to ensure the environment is not harmed.