City Group gets licence to set up economic zone

City Group got a licence from Bangladesh Economic Zones Authority (Beza) yesterday to set up “City Economic Zone Limited” on 77.96 acres of land in Narayanganj’s Rupganj.

The group has already opened letters of credit to import machinery for three industrial units inside the zone, according to a press statement.

With electricity connections already in place for investors, the zone expects to employ 3,000 people within the first year of commercial production and take it to over 20,000 in the next five years.

Industries expected to open plants include food and beverage and export oriented business organisations.

The government plans to set up 100 new economic zones to generate one crore new jobs, earn $40 billion in additional exports and attract $20 billion in foreign direct investment (FDI), all by 2030.

Beza has already awarded prequalification licences for the establishment of 15 non-public economic zones.

Licences approving begin of operations were given to Meghna Economic Zone, Meghna Industrial Economic Zone, Abdul Monem Economic Zone, Aman Economic Zone and Bay Economic Zone.

A developer has been appointed for Mongla Economic Zone while a letter of award was issued to improve the first phase of Mirsarai Economic Zone. There has also been full-size growth in the improvement of tourism parks.

A whole of 212 acres of land have been allocated for investors at Shreehatta Economic Zone, which goals to create 43,000 fresh jobs and bring an estimated FDI of $1.3 billion.

Investment proposals well worth $10 billion have already been acquired towards the Mirsarai and Feni economic zones, in accordance to Beza.

Paban Chowdhury, executive chairman of Beza, and Fazlur Rahman, chairman of City Group, have been existing at the awarding programme in the Beza headquarters in the capital.