Jinyuan Chemical Industry Limited, a sister concern of the Chinese Zhuzhou Jinyuan Chemical Industry Company Limited, is likely to be the first industry to start its operation in the Mirsarai Economic Zone (MEZ) as the company has already started factory construction to go into operation in July, reports BSS.
“We have set a plan to start our operation from July 2019. The first phase of the factory construction will be completed in June this year,” Country Representative of the Jinyuan Chemical Industry Limited Shakhawat Hossain (Masud) told the state news agency. He said the industry is being set up on 10 acres of land with an investment of around US$10 million to produce ‘Lead Nitrate’ for exporting the gold mining chemical to Canada. “We have an agreement with Canada to export Lead Nitrate for the next three years.
So, 100 percent chemical of the factory will be exported,” he added. He informed that the factory will create employment opportunities for 200 people. “Out of the 200 employees, at least 90 percent will be local. Initially, skilled senior officials will be appointed from abroad, but we will also appoint the local people as top level officials after making them skilled,” he added.
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Thanking the Bangladesh Economic Zone Authority (BEZA) chairman and its officials, Masud said BEZA is providing all sorts of supports to bring 100 percent foreign direct investment (FDI) in the country. He urged the authorities responsible for giving approval to set up factory in Bangladesh, to speed up their approval process for attracting foreigners to invest more in the country.
He said, “Our mission is to provide unique solutions with outstanding cost or benefit ratio and added value for our customers. We strive for minimum environmental impact with all our products and solutions.” Hoping that the Mirsarai Economic Zone will be an investment hub in the country, Masud said, “We have selected the zone for the industry as the zone is one of the most suitable sites in the country along the strategic DhakaChittagong industrial corridor.”
Because of its strategic location, he said, the zone has the potential to become the most successful industrial hub of the country. Bangladesh Economic Zone Authority (BEZA) is developing an industrial city adjoining Mirsarai, Feni and Sitakunda Economic Zones, titled ‘Bangabandhu Sheikh Mujib Shilpa Nagar (BSMSN)’to assist, encourage and facilitate investment from both home and abroad.
The Shilpa Nagar is providing tax incentives and allowances that increase the viability of the project in line with the current government policies to promote the country’s exports. BSMSN, the first planned city of the country, will pave the way for establishing a truly world-class business and industrial center. For BSMSN, BEZA would like to build strong partnership with the private sector and local entrepreneurs.