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China to invest $5.0b in BD economic zone

Industries proposed include a massive 2640mw power plant

Doulot Akter Mala | January 12, 2018 00:00:00

A Chinese company has moved fast to invest US$ 5.0 billion in a special economic zone of Bangladesh for establishing industries that include a massive 2640-megawatt power plant.

Officials said Bangladesh Economic Zones Authority (BEZA) has received the major investment proposal from Zhejiang Jindun Pressure Vessel Co. Ltd.

The firm has sought 1000 acres of land in Mirersarai economic zone, off Chittagong port, for setting up the industries.

It has already paid a part of the fund, equivalent to one-per cent of the total investment proposal, to the BEZA as per its requirement.

Talking to the FE, Executive Chairman (secretary) of the BEZA Paban Chowdhury said it is the largest single investment proposal in the history of Bangladesh.

"The company has conducted feasibility study for its investment for the last one and a half years and placed the proposal after that," he said.

The BEZA has been able to attract the largest investment through ensuring investment-friendly environment, he added.

Once the coal-fired power plant established, it would be the largest power- generating plant in Bangladesh.

In the application, chairman of the company Zhou Jiancan sent a money- transfer note worth $698,083.35 in favour of BEZA.

"We are applying for a specialised infrastructure-category plot on one-time- lease basis," writes the company boss of China-rated world's second-largest economy that is spreading its wings fast over the globe.

BEZA officials said the investment proposal will be scrutinised by a high-powered committee of the Authority to give approval within the shortest possible time.

The company -- Zhejiang Jindun Pressure Vessel Co. Ltd -- has pledged to complete its investment process within three years of getting approval from the BEZA.

Earlier, the BEZA had signed a memorandum of understanding (MoU) with the company for land allocation in the Mirersarai EZ -- one of around a hundred special economic zones on the cards in Bangladesh.

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