4 cos to invest $457m in pharma, tourism sectors

Four companies are going to invest $457.13 million in pharmaceutical industries and hotel and resort sectors in the country’s economic zones.

The four companies—three local and one foreign— will sign the land lease agreement of 17 acres with the Bangladesh Economic Zones Authority (BEZA) at a ceremony at its Agargaon office on Wednesday.

Switzerland-based multinational pharmaceutical company Healthcare Pharmaceuticals Ltd will invest the highest $ 400 million in its project on the 40 acres of land in the Bangabandhu Sheikh Mujib Silpanagar (BSMSN) in Chattogram.

BEZA has already allotted 30 acres of land in the economic zone in favour of Healthcare Pharmaceuticals Ltd. With the signing, BEZA will give another 10 acres of land based on the demand proposal to implement their project.

The company will produce penicillin products where employment for around 7,000 people is expected to be generated.

They will establish three industries in BSMSN in active pharmaceutical ingredients and formulated pharmaceutical products sectors.

Three local companies will invest $ 57.13 million in Sabrang Tourism Park on 7 acres of land where at least 1,219 people are expected to be employed.

Of them, Ifad Motors Ltd, a subsidiary of Ifad Group - a local giant in the consumer food and automobile sector, will invest $16.20 million to establish a three-star hotel and resort covering one acre of land where 350 people are proposed to be employed.

Ifad Motors Ltd has submitted an investment proposal to construct and operate a 10-storied 3-star hotel with 370-rooms hotel in Sabrang Tourism Park along with serviced land for the construction of a 3-star hotel, leisure spot & recreation, convention centre, transport etc.

Three sister concerns of DIRD Group will also invest $38.21 million dollar on five acres of land at Sabrang.

Of the three, DIRD composite Textile Ltd will set up a hotel and resort on two acres of land with an investment of $17.29 million where 315 people are expected to be employed. Dipta Garments Ltd is going to set up hotel, motel and resort with an expense of $14.25 million on two acres of land at Sabrang. The company will create employment for 303 people there.

DIRD Garments will take one-acre land to invest $6.67 million at the park to set up a cottage and resort which will generate employment for 51 people. 

DIRD Group started its operation in 1984. Their established businesses are in garment, textile, engineering, software and agricultural sectors.

Another local company East West Travels & Tours (Pvt) Ltd will establish a hotel with an investment of $2.72 million on one acre of land. It will employ 200 people once established.

East West Travels & Tours (Pvt) Ltd was established in 1988 to run a travel agency. East West Travels & Tours (Pvt) Ltd has submitted an investment proposal to set up a hotel project in Sabrang Tourism Park.