Bangladesh Special Economic Zone gets 8 investors, Singer Bangladesh in production

Bangladesh Special Economic Zone gets 8 investors, Singer Bangladesh in production

Bangladesh Special Economic Zone (BSEZ) has attracted eight investors, with Singer Bangladesh Ltd already in trial production, according to BSEZ Managing Director Taro Kawachi. At a signing ceremony for an MoU between the Bangladesh Economic Zone Authority (Beza), BSEZ, Sumitomo Corporation, and BRAC, Kawachi shared that four of the eight companies are from Japan. Talks are ongoing with 6-8 more potential investors.

While Kawachi kept investment details confidential, Beza sources revealed that Singer Bangladesh Ltd would invest $78 million in a joint venture with Turkish company Arçelik. Allocations include 33.4 acres to Singer Bangladesh Ltd, 5 acres to Rudolf GmbH (Germany), 8.4 acres to Lion Corporation (Japan), 5 acres to Onoda (Japan), and 3.2 acres to NICCA Chemical Co Ltd (Japan).

Shaikh Yusuf Harun, executive chairman of Beza, expects $1.5 billion in investment and employment of 1 lakh people in the economic zone. BRAC Executive Director Asif Saleh signed the MoU on behalf of BRAC. The MoU aims to provide essential training to residents near the BSEZ through technical and vocational education, catering to production, construction, and other sectors.

Moreover, the MoU plans to establish pre-primary and primary education facilities in surrounding areas. It also offers financial services, including loans, savings, insurance, and micro-loans with digital services. Integrated services such as skill development programs, healthcare, and day-care facilities will support residents and workers in the zone’s industrial establishments.

The BSEZ, also known as the Japanese economic zone, is a joint project between the governments of Bangladesh and Japan, located on 1,000 acres in Araihazar upazila of Narayanganj. Yusuf Harun expressed confidence that the MoU’s initiatives will address the needs of the zone’s tenants, stakeholders, and surrounding communities. He emphasized the importance of collaborating with renowned organizations like Sumitomo Corporation and BRAC to ensure a comprehensive, impactful, and sustainable development approach within the BSEZ.

Source: The Business Standard

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