Business Research International Corporation (BRIC), a local company, is set to invest $5.32 million in an agro-processing plant at the Jamalpur Economic Zone (EZ) to establish an agro-processing industry.
To this end, BRIC inked a land lease agreement with the Bangladesh Economic Zones Authority (BEZA) on Monday at a ceremony held in BEZA headquarters in the city's Agargaon.
BEZA Executive Member (Investment Development) Saleh Ahmed and BRIC Director and Vice President Mishal Karim signed the agreement on behalf of their respective sides, a statement said.
According to the investment proposal, the plant-spanning over five acres of land-will produce paste, pulp, puree, juice and beverages, as well as spices. More than 50 per cent of raw materials will be sourced locally.
BRIC expects to begin commercial production within three years and plans to export 15 per cent of its output. The facility will be environmentally-friendly, requiring relatively less water, electricity and gas, and will generate significant employment opportunities in the region.
BRIC has been active in Bangladesh for over three decades, being the largest single investor in Renata Limited in the pharmaceutical sector. It also has investments in food distribution through Direct Fresh Limited and in renewable energy.
Speaking at the signing ceremony, BEZA's Executive Member Saleh Ahmed said Jamalpur Economic Zone is emerging as a 'plug-and-play enclave' for investors.
The Jamalpur Economic Zone, the first government-run zone in Mymensingh division, covers 436 acres and is expected to create employment for about 32,000 people.
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