FE Report
A total of 57 export-oriented garment companies have so far applied for land allocation at the Mirsarai special economic zone in Chittagong, according to people familiar with the development.
An 'RMG Park' has been planned on 370 acres of land inside the zone.
The Bangladesh Garment Manufacturers and Exporters Association on March 28 issued a notice asking its members for to submit applications along with booking money to the trade body by April 5 for the rest of 100 acres of land at the zone.
According to the BGMEA circular, the area of each plot would be one acre and the lease money of the plot would be Tk 10 million, which could be paid in installments.
Interested readymade garment (RMG) factories would have to pay 26 per cent of total lease money as booking money (non-refundable) and they would get installment facility to pay the rest of the amount.
"Within six months after signing the lease agreement with BEZA (Bangladesh Economic Zones Authority), the interested companies would have to pay the second installment-- 26 per cent and the rest during the handover of the plots," the BGMEA notice added.
On March 21, a memorandum of understanding was signed between the BGMEA and the BEZA to set up a garment park covering an area of 500 acres within the Mirsarai zone.
A total of 57 garment companies have so far deposited booking money with the BGMEA for 370 acres of land, a BGMEA official said, adding the applications for rest of the land would be filled out within the shortest possible time as exporters are interested in setting up factories in the zone, especially for its location.
According to the BGMEA officials, a big apparel group of companies has applied for the highest 100 acres of land allocation in the zone, while one of the groups owned by a BGMEA leader deposited money for the allocation of 35 acres of land.
Another Chittagong-based company sought allocation of 25 acres of land in the zone, they added.
The BGMEA said that it would invest $2.0 billion in the zone for setting up the factories, which is expected to generate employment for some 0.5 million people.
According to the deal, the BGMEA will start the process of building factories in the next one year.
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