Sojitz Corporation, one of the leading business groups in Japan, is keen to make massive investment in Bangladesh’s energy and infrastructure sectors and industrial park.

It has already teamed up with Energypac Power Generation Ltd, a local conglomerate, and is seeking to establish a port at the Mirsarai economic zone over 1,000 acres of land.

The joint venture would initially invest $500 million and it would go up to $2 billion phase by phase, Humayun Rashid, managing director of Energypac, told The Daily Star.

The corporation is set to sign a memorandum of understanding (MoU) with the Bangladesh Economic Zones Authority (Beza) on October 21 to start feasibility studies.

Md Harunur Rashid, executive member for investment and promotion of the Beza, said Sojitz Corporation has a long-term investment plan for Bangladesh.

Sojitz has placed a proposal seeking 1,000 acres of land to establish a service-oriented industrial park, including a port at the Mirsarai economic zone, he said.

He said development of energy, infrastructure and industrial park was the key targets of the company in Bangladesh at the moment.

Sojitz is also keen to develop businesses in various industries such as machinery, chemical, medical, renewable energy, coal, food and textiles, said the executive member.

“Sojitz’s investment will be a quality one and attract foreign direct investment.”

Humayun Rashid said basically, Sojitz’s plan is to establish an infrastructure project to provide services for handling bulk materials through constructing a port, where mother vessels will anchor.

The Chittagong Port can’t provide the service for bulk materials handling due to a lack of technology and required space. Sojitz will provide the service, easing the cost of doing business, he said.

The entrepreneur hopes to start the project implementation work within one and a half years after carrying out different feasibility studies.

Energypac and Sojitz Corporation have already signed an MoU to implement the project.

Sojitz has been working in Bangladesh since 1951 and was the contractor of a number of projects, including the Sonargaon hotel and an integrated steel plant in Chattogram.

In the same year, the corporation opened liaison offices in Dhaka and Chittagong but they were closed in 2004. On August 8, Sojitz, however, opened an office in Dhaka.

The new Dhaka office will focus on promoting projects in the energy and social infrastructure sectors, said Sojitz in a statement.