S Alam Group set to invest Tk 580b in two special industrial zones

S Alam Group, a leading business conglomerates in the country, is in the process of investing over Tk 580 billion in two special industrial zones approved by Bangladesh Economic Zones Authority (BEZA).
Within this substantial investment, the company earmarks Tk 350 billion for the power sector, Tk 150 billion for the HR coil sector, Tk 75 billion for the DRI plant sector, and over Tk 5 billion for the development of private economic zones, says a company statement.
Once the operation of these two special economic industrial zones, now under construction in Banshkhali, Chattogram, starts, new doors will open for the creation of more than 50,000 new jobs, huge foreign exchange savings and an significant increase of revenue for the government.
The 'S. Alam Economic Zone 1' is being built on 184 acres of land in Alokdia of Banskhali. Foreign investors have already shown interest in building a high-capacity combined cycle power plant with green energy in this project and agreements have been reached with them to a large extent.
This economic zone is considered an ideal location for setting up industries and factories due to its proximity to the sea and access to waterways. A total investment of approximately Tk 350 billion has been made for 'Banskhali S. Alam Economic Zone 1.'
Once the project is fully developed, direct employment will be created for 5,000 people. The land development work of this project is now underway to fulfill the condition of BEZA.
Additionally, 'Banskhali S. Alam Economic Zone 2' is under implementation at Gandamara, Banshkhali, after initial approval from BEZA. This project is being developed over 259 acres and an investment of Tk 225 billion is being made.
Due to its proximity to the sea, 'Banskhali S. Alam Economic Zone 2' is especially suited for heavy industrialization. Foreign investors, including those from Japan and Europe, are already working to build a steel industry (HR coil) at the site and build the necessary infrastructure to export it.
Once the 'Banskhali S. Alam Economic Zone 2' project is fully implemented, more than 40,000 jobs will be created, and a lot of foreign exchange will be saved through development activities.
There is also a plan to add 400 acres of land to 'Banshkhali S. Alam Economic Zone 2' and set up several medium and heavy industries in joint venture with Japan.
S. Alam Group has taken the initiative to establish one green steel project and one green combined cycle LNG and hydrogen power plant in these economic zones.
These investment projects have ETP, STP, adequate electricity, four-lane roads and other infrastructure and industrial development facilities. As a result, economic activities of BEZA will be expanded through industrial zones.