Three firms to invest $10.32m

Three companies will invest $10.32 million for setting up food- and agro-processing industries on six acres of land at Jamalpur Economic Zone (JEZ).

As per their proposals to the Bangladesh Economic Zones Authority (BEZA), the ventures are expected to generate 550 jobs.

To this effect, they inked land lease agreements with the BEZA at the latter's headquarters in Dhaka city on Monday, according to a BEZA statement.

BEZA executive member Md Abdul Mannan, Max Infotech Ltd's head of operations Md Zakaria Khan, Nobel Navigation and Shipping Lines' Mahmudul Hasan and Reliance Solutions' Mahfuzur Rahman signed the deals.

BEZA executive chairman Paban Chowdhury, among others, was present and witnessed the signing.

Welcoming the investors, Mr Chowdhury said the government is conveniently developing the JEZ for food and agro-processing industries as part of establishing planned economic zones in remote areas.

"The people in the region will be integrated to the national economic wheel through the JEZ," he said, adding that industrialisation in the area could enhance people's living standards.

According to the investment proposals, Max Infotech will invest $2.68 million in establishing agro-processing, food and beverage plant on two acres of land through creating 250 employments.

Novel Navigation will establish a woven bag-making industry on two acres of land with an investment of $4.76 million by generating 100 job opportunities.

According to the statement, Reliance Solutions will set up two industrial units each on one acre of land.

It will establish an agro-processing unit at a cost of $1.15 million to produce freeze-dried aloe vera powder and potato starch powder.

Another unit with an investment of $1.73 million will prepare medical and surgical items.

Each industrial unit will create 200 jobs.

The BEZA said the JEZ is being developed on 436 acres with an eye to creating more than 32,000 jobs.

The installation of gas and 33/11-kV power supply connection is already done and the construction of administrative and dormitory buildings nears completion.

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