Home ›› 22 Aug 2021 ›› Corporate
Bangladesh Economic Zones Authority has allocated 30 acres of land to Ifad Autos Ltd at Bangabandhu Sheikh Mujib Shilpa Nagar.
Ifad Autos plans to invest $51 million to set up car assembling and lubricant plants and light engineering industries in the allocated land, said a press release.
The new investment is expected to create employment for 880 Bangladeshi people.
A land lease agreement was signed between Ifad Auto and BEZA at the latter’s office in the capital on Thursday.
BEZA Executive Member Mohammad Ali Ahsan and Ifad Autos Limited Managing Director Tanveer Ahmed inked the agreement on behalf of their respective sides.
BEZA Executive Chairman Shaikh Yusuf Harun attended the agreement signing ceremony, said the press release.
Shaikh Yusuf Harun said that there is an opportunity to set up industries for manufacturing private cars, commercial vehicles and motorcycles in the country and the opportunity is being exploited by big investors.
He also said that not only the market of Bangladesh, locally produced cars, automobile components and spares can also be exported neighboring countries as well.
Investment proposals of $20 billion at Bangabandhu Sheikh Mujib Shilpa Nagar has already been approved, out of which 13 companies have started construction work and two industries will come into production in the next four months, he informed.
Tanveer Ahmed said that they have chosen Bangabandhu Shilpa Nagar for business expansion, as world-class services are being provided there through a very capable leadership.
He hoped that the establishment of industrial factories could be started soon.
“Within one month of the transfer of the land, we will start construction of several factories including lubricant factory and light engineering with the addition of motorcycles,” he added.
