Bangladesh Economic Zones Authority (BEZA) has signed a memorandum of understanding (MoU) with X Ceramics Limited and Dysin Advanced Materials Limited on the allocation of 30 acres of land at Bangabandhu Sheikh Mujib Shilpa Nagar (BSMSN).
BEZA Executive Member (Investment Development) Md Mozibor Rahman, X Ceramics Limited Managing Director Mahin Bin Mazher and Dysin Advanced Materials Managing Director Mohammad Amanur Rahman inked the agreement on behalf of their respective sides at a ceremony held at the BEZA conference room in Dhaka on Wednesday.
BEZA Executive Chairman Shaikh Yusuf Harun presided over the event. Senior officials concerned were present at the signing ceremony.
As per the deal, X Ceramics Ltd will make an investment worth about $29 million to set up a ceramics industry on 20 acres of land at BSMSN that will create employment for around 1,500 people.
X Ceramics Ltd managing director Mahin Bin Mazher said, “They have already set up 25 factories, including one of the most modern tile manufacturing plants in South Asia. We have set an export target of $100 million by setting up the industry within 2-3 years after the handover of land and this will be one of our biggest factories.”
Under the agreement, Dysin Advanced International Ltd is going to set up a textile chemical industry on 10 acres of land, involving about $13 million.
MD Amanur Rahman, managing director of Dysin Advanced Materials Ltd, said that they have established manufacturing units with standard labs through skilled manpower, research and development. They plan to set up similar industries at BSMSN.
“The chemical industry has a $3-4 billion market and the country is heavily dependent on imports,” he pointed out.
BEZA executive chairman Shaikh Yusuf Harun said that collaboration with these investors will lead to increase investments in the economic zone as well as product diversification.
“Despite many challenges in providing services to investors in economic zones, BEZA is successfully tackling them and ensuring water, gas and electricity connections through coordination with all government agencies,”
he said.
He also said the investment situation at BSMSN, the country’s flagship economic zone, is good. “Those to whom we have allotted space have built their factory buildings. Many companies have gone into production. Many are bringing in machinery and equipment,” he added.
