Mirsarai Economic Zone cost, duration to go up

Bangladesh Economic Zones Authority (BEZA) has sought an additional Tk 552 crore and two more years to build Mirsarai Economic Zone.

The project’s initial estimated cost was Tk 750 crore, and it was supposed to be implemented by June this year.

Its current financial progress is 36.62 per cent while physical progress is 45 per cent.

Of the additional cost, Tk 467.7 crore will be spent on 34 industrial units.

Some new sectors have been included in the project, which is one of the key reasons behind the increase in cost.

A senior planning ministry official told The Business Post BEZA had sent the project’s revised proposal to the Planning Commission for the Executive Committee of the National Economic Council’s approval.

On March 8, the planning commission’s project evaluation committee held a meeting on the project’s progress following recommendations from the Prime Minister’s Office.

The project aims to prepare 539 industrial plots with all kinds of facilities for domestic and foreign investors to set up factories. It was revised for increasing the number of plots to 539 from 250. More land will be acquired for constructing the additional plots.

Once implemented, the economic zone will attract $2,700 million in foreign direct investment, and the country’s export earnings will increase by $3,234 million.

Member of the Industry and Energy Division under the Planning Commission Sharifa Khan said the project would create opportunities for attracting domestic and foreign investment.

“Rapid industrialisation and product diversification will increase our export earnings,” she said.

She hoped the project would create jobs for a large number of people, including women, and this would help alleviate poverty.

Two standard factories will be built under the project, which will create employment opportunities for about four lakh Bangladeshis.

Besides, a B-type fire station, two factories, walkways, car repair and maintenance facilities, three residential buildings, a mosque, and a medical centre will be constructed.