12 int’l cos to make $5.78bn FDI in economic zones

Twelve international companies would make around $ 5.78 billion foreign direct investment (FDI) in Bangladesh’s special economic zones (SEZs), generating 13,000 new jobs for the local people.

The FDI is coming from Japan, Malaysia, China, United Kingdom (UK), Singapore, UAE, India, Australia and South Korea to the country’s building materials, steel, power, processed food, paint, petro chemical and garment accessories sectors, said officials.

Meanwhile, the companies have signed agreements with Bangladesh Economic Zones Authority (BEZA) for land acquisition and a few of them have already started land development works.

Talking to BSS, BEZA Executive Chairman Paban Chowdhury said different world renowned big companies are coming to Bangladesh with huge investment proposals.

“We’ve signed land allocation agreements with 12 multinational companies which would make $ 5.78 billion FDI in SEZs,” he said, adding, “BEZA has approved the investment proposals.”

In addition, another $ 5 billion FDI proposal is in the pipeline, disclosed the BEZA Executive Chairman.

Among the companies, Macdonald Steel Bldg. Ltd (Japan) would make $ 59.19 million investment in building materials while Eonmetall Intl. Ltd (Malaysia) $ 9 million in steel rack, Beijing Zhenyuen Cons. Ltd (China) 304 million for 200 MW solar power, Hangzhou Jinjiang Group Co. Ltd (China) $ 2.5 billion in 1,400 MW coal power, Euresia Food Process Ltd (UK) $ 30 million in processed food and Edible Oil Ltd (Singapore) $ 400 million in food park.

Besides, Arab Bangladesh Food Ltd (UAE) would make $ 12.50 million investment in frozen food while Asian Paints (BD) ltd (India) $ 26 million and Berger Paints (BD) Ltd (UK) $ 13 million in paint production, Merchant Melbourne Ltd (Australia) $ 3.67 million in meat net, Aust-Bangla Accessories Ltd $ 12.15 million in garment accessories and Super Petro Chemical (Pvt) Ltd (South Korea) $ 2.38 billion in petro chemical factories.

Paban Chowdhury said the 12 companies have been allocated a total of 1,810 acres of lands most of which are located in the Mirershorai and Maheshkhali economic zones. “A few companies have planned to go on production within the next year,” he added.

The BEZA Executive Chairman said they are developing separate SEZs for the investors of Japan, China and India.

Referring to the investment proposal of world’s third largest steel producing company, Japan’s Nippon Steel & Sumitomo Metal Company, Paban Chowdhury said many Japanese companies are communicating expressing their interest to make investments in Bangladesh.

“It was not thought in the past that there would be a separate economic zone for Japanese investors in the country but now Japan would act as the ‘game changer’ for the foreign investors in SEZ,” he said.

With the aim of expediting and increasing industrialization, new jobs, production and export diversification, BEZA is working to develop 100 economic zones on 75,000 acres of land in the country by 2030 which would also generate over 1 crore employments and additional $ 40 billion export.