Foam manufacturer Zant Accessories Limited is set to invest Tk 800 million in the National Special Economic Zone (NSEZ) in Chattogram.
It will establish a plant on five acres of land to manufacture polyurethane foam, polyethylene foam, recycled foam, mattress, pillow, comforter and shoe insole.
To this effect the company on Wednesday inked a land lease agreement with the Bangladesh Economic Zones Authority (BEZA) at the latter's office in the city's Agargaon area, said a statement.
BEZA Executive Member (Investment Development) Saleh Ahmed and Zant Accessories Chairman Md. Tafazzal Hossain signed the deal on behalf of their respective sides. Senior officials of BEZA and the signing company were present.
According to the project proposals, the upcoming industrial unit would be an export-oriented and environmentally-friendly industrial initiative, which will use comparatively less water and electricity and will not require gas. The company plans to commence commercial production from May 2027.
It is noteworthy that the company already has an industrial factory at the Karnaphuli Export Processing Zone.
Zant Accessories plans to import around 90 per cent of its raw materials from China, South Korea, the United Arab Emirates, and Malaysia to produce goods locally.
Establishment of this industrial unit is expected to create significant employment opportunities at the local level and add new momentum to the country's export sector.
At the same time, through modern technology and quality production, it is hoped that Bangladesh's competitiveness in the international market will be further strengthened.
Congratulating the company, Mr. Saleh Ahmed said that this fresh investment by Zant Accessories has been an example of BEZA's environmentally-friendly industrial initiatives. He expressed the hope that such export-oriented industrial ventures would encourage other domestic and foreign investors to invest in the NSEZ, the flagship industrial conclave of the BEZA.
According BEZA officials, around 17 industrial enterprises are already operating at the NSEZ and 24 industrial enterprises are under construction.
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