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Japan jt venture to invest $59.19m in Mirsarai EZ

FE Report | September 20, 2018 00:00:00

Mcdonald Steel Building Product Ltd and Nippon Koei of Japan will make a joint venture investment worth US$ 59.19 million in the country's Mirsarai Economic Zone (EZ).

They will build large manufacturing and import substitute industries on 100 acres of land of the zone.

Bangladesh Economic Zones Authority (BEZA) will sign a land lease agreement with the joint venture company on Sunday.

The investors will start its development work in the zone in December 2018, BEZA sources said.

They said the companies will implement the project within 730 days and pay annual rent to BEZA.

It will use more than 50 per cent of local raw materials for the manufacturing units, said a BEZA official.

They will construct factories, administrative building, warehouse, logistic yard, effluent treatment plant, waste treatment plant, road, drainage, utilities, dormitory, training centre and health service in the zone.

It will build environment management plan with certified technology. A total of 2500 human resources will be recruited in the factory, he said. Some 20 per cent of the manufactured products will be exported to other countries, he said.

Mcdonald Steel Building Products Limited is producing pre-fabricated structural steel in Bangladesh. It imports and uses the best quality products from Japan, Luxembourg, China and India.

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