Chinese group to invest $140m in BSMSN

Published : 05 Nov 2019 08:12 PM | Updated : 06 Sep 2020 04:36 AM

Yabang Investment Holding Group, one of the largest Chinese 100 companies, is set to invest around US140 million in Bangabandhu Sheikh Mujib Shilpa Nagar (BSMSN) at Mirsarai, Sitakundu and Sonagazi upazillas under Chattogram and Feni districts, reports BSS.

In this regard, the group has already submitted a proposal with the Bangladesh Economic Zones Authority (BEZA) for 100 acres of developed land under annual rental basis to set up a dying chemicals factory. Talking to BSS, a senior official of BEZA informed that the members of the investment evaluation committee have recommended allocating 100 acres land in favour of the Yabang Investment Holding Group. Though the factory will be export oriented, he said, the group will play a vital role to reduce import of chemicals.

Deputy Director of the Yabang Investment Holding Group Wei Zhu said the company has a big plan to invest more in Bangladesh as its government is providing all sorts of supports for investment.

“We have over 30 products, especially dyes and paints, pigments, pharmaceuticals, veterinary, drugs, photovoltaic and mining. Yearly turnover of our company is around $10 billion. We are starting our investment through setting up a chemical factory,” he added.

He said the country’s garments industry has been increasing dramatically and so, the market of chemicals is here.

“The produced chemicals from the factory will be exported. The factory is expected to generate 2,200 employment opportunities,” he added. The industrial city is being developed on around 30,000 acres of land. It is located on the mouth of river Feni, covering 25 kilometers of coast lines of Sandeep channel of the Bay of Bengal.

Prime Minister Sheikh Hasina laid the foundation stone of the EZ on February 28, 2016. BEZA has made a comprehensive master plan including incorporating sea port, rail connectivity, marine drive, residential area, tourism park, power plant, hospital, school and university for developing this self-contained industrial city. Various types of industries, including garments and its supporting industries, agro-products and agro-processing products, integrated textiles, leather and leather goods, shipbuilding, motorbike assembly, food and beverage, pint and chemical, paper and products, plastics, light engineering (including auto-parts and bicycles), pharmaceutical products, power and solar park will be set up in the industrial city.

The city is expected to create employment opportunities for 1.5 million people within next 15 years and ensure $15 billion export from this industrial enclave.