The privately formed Cumilla Economic Zone in the country has been licensed by the Bangladesh Economic Zone Authority (BEZA). Through this, Cumilla Economic Zone was recognised as the 12th private economic zone in the country. Meghna Group of Industries, one of the leading businesses in the country – has finally given this license.
The license was issued on Sunday (10 April) at a hotel in Dhaka. Senior Secretary to the Prime Minister’s Office Md. Tofazzal Hossain Mia was present as the chief guest and Chairman of Meghna Group of Industries Mostafa Kamal was present as a special guest.
Executive Chairman of Bangladesh Economic Zone Authority Shaikh Yusuf Harun presided over the function. Among others, high-ranking officials of various departments of the government, representatives of top business organisations, and financial institutions were present.
Senior Secretary to the Prime Minister’s office Md. Tofazzal Hossain Mia said that Bangladesh’s economy has proved to be a surprise to the world as a result of BEZA’s efforts to create a conducive environment for investment as well as attract investment through modern, fast and quality services even during the COVID-19 period. The company will maintain the trend of industrialisation through coordination with all government agencies.
BEZA’s Executive Chairman Shaikh Yusuf Harun congratulated the Meghna Group and said that Cumilla Economic Zone, being close to Dhaka, would get a positive response from local and foreign entrepreneurs. The company plans to give at least 50% of the land in Cumilla Economic Zone to foreign investors.
He said that it would be possible to turn this economic zone into one of the focal points for foreign investment. He urged the investors to set up the planned industry in compliance with all the laws and policies of the government. He emphasised creating opportunities for all investments in the wider interest, not just tax holidays or incentive packages.
Cumilla Economic Zone is located on an area of about 250 acres along the Dhaka-Chattogram highway in Meghna upazila of Cumilla district. There are plans to expand it to 350 acres later. Meghna Group of Industries is the promoter of the proposed economic zone. It has been suggested to set up industries for the production of different types of products in the proposed zone. According to the plan, factories and administrative buildings, warehouses, logistics areas, water, and waste treatment plants, roads and other necessary facilities will be constructed to make the economic zone a self-sufficient zone. There will also be greening, health care, and training centres. Environmentally friendly technology will be used so that there is no harmful effect on the environment.
It was further informed that Cumilla Economic Zone limited expects to invest USD 2 billion in the Cumilla zone. The successful implementation of the zone will create employment opportunities for about 50,000 people. Many private economic zones with final licenses from BEZA have started commercial production. A total of 27 industrial establishments are in production in these areas and 23 industrial establishments are under construction. These economic zones have attracted about USD 3.2 billion in investment and 35,000 jobs. These industries are exporting various products including cement, edible oil, bags, paper, tissues, toys, beverages, and food items. Besides, Japanese Honda brand motorcycles are being manufactured in the Abdul Monem economic zone.
