The proposed Kishoreganj Economic Zone (KEZ), a venture of Nitol Niloy Group, is set to obtain licence from the authorities concerned, officials related with the development have said.
The zone would be established on 91.63 acres of land in Pakundia Upazilla, next to Bhairab-Kishoreganj highway, they added. It received the pre-qualification licence from the BEZA in July 2017.
"The KEZ is now getting prepared to receive the final nod," Executive Chairman of Bangladesh Economic Zones Authority (BEZA) Paban Chowdhury told the FE.
He said the zone will host heavy industries like car and steel manufacturing plants by Indian multinational conglomerate TATA.
"This is another testimony of congenial investment atmosphere in the country which continues to attract more and more foreign businesses," said Mr Chowdhury, a secretary of the government.
When the KEZ would start operations in full swing, it would supply different types of products manufactured at the KEZ at more reasonable prices in the local market, he said.
"India-based TATA through a joint venture with us will manufacture vehicles, including double cabin pick up," said an executive at the Nitol Niloy Group.
He said the machinery for the proposed plant already reached the project site while TATA Steel, India selected land in the KEZ to start the construction work soon.
The zone will have all the required facilities such as water treatment plant, effluent treatment plant and fire extinguishing system.
It will accommodate industrial facilities for manufacturing businesses like automobiles, steel, apparel, leather goods, agro processing, and Information Communication Technology (ICT), aimed at exporting products after meeting the local demand.
With the beginning of commercial operations, the KEZ will create direct and indirect employment for around 25,000 people in five years. Some factories in the KEZ, comprised of 26 industrial plots, are expected to go for production by the end of this year.
The zone - 170-km from Dhaka, 307-km from the Chittagong sea port and 40-km from Ashuganj river port - is connected with Gachihata Station of Bhairab-Kishoreganj railway link through its own line.
The utilities like gas, electricity and water are already available with the project.
The feasibility report along with the master plan of the zone prepared by PricewaterhouseCoopers (PwC) has been duly accepted by the BEZA, which is attached with the Prime Minister's Office (PMO).
The BEZA is developing 100 economic zones to support achieving the country's economic goal through planned industrialisation and fetching foreign investment.
Besides the state-owned EZs, private organisations are also developing different EZs. So far 19 private companies received pre-qualification licences for developing the EZs and eight of them have already been awarded with the final licences.
The Nitol Niloy Group will be the ninth private agencies to get the final licence for developing the KEZ.