Special economic zones on cards: Barua

Industries Minister Dilip Barua inaugurates a new production unit of 'Maggi' noodles of Nestle Bangladesh Ltd at the company's factory site in Sreepur, Gazipur yesterday. Nestle Bangladesh Chairman Latifur Rahman is also seen.Photo: STARStar Business Report

The government will soon develop special economic zones (SEZs) to lure both foreign and domestic investments, said Industries Minister Dilip Barua yesterday.

“Bangladesh is a unique place for investment. Foreign investors can invest in the special economic zones with modern technology and help accelerate economic activity and generate employment,” he said.

“Foreign investors can come and invest in the various thrust sectors, such as ceramics, light engineering and shipbuilding."

Barua made the call to foreign investors at the inauguration of a new production unit of 'Maggi' noodles by Nestle Bangladesh Ltd. The new unit has been set up at Nestles' factory in Sreepur, Gazipur.

Deputy Head of Mission of Switzerland Gabriele Gerighetti and Nestle Bangladesh Chairman Latifur Rahman and Managing Director Laurent Therond were also present.

Nestle Bangladesh officials said the company invested about Tk 13 crore to set up the new production unit to meet growing local demand for noodles.

Officials said the new unit would raise the noodles production capacity almost threefold -- from about 3,500 tonnes to over 10,500 tonnes a year.

"Nestle's expansion is an important initiative. Such investment will allow us to realise our dream of making Bangladesh an industrially developed nation,” said Barua. “In the new Industrial Policy, we will focus on facilitating foreign and non-resident Bangladeshi investors.”

The minister said the government would take steps to safeguard foreigner's investments and facilitate easy transfer of their profits and remittance.

“We want foreign investors to be our development partners,” he said.

Barua also said the government will protect worker interests, encourage companies to carry out their social responsibilities and develop the green industry.

Gerighetti said Bangladesh is truly a unique place for investment and tourism.

“The potential of Bangladesh is huge,” he said, adding that Swiss investors are investing here. “Some of them are also waiting to invest."

Nestle Bangladesh Ltd, a subsidiary of health, nutrition and wellness company Nestle SA, began operations in Bangladesh in 1994.

The company manufactures and markets various brands, including Maggi Noodles, Maggi soup, Nescafe, Nido power milk and various infant cereals.

Therond said the expansion would help Nestle fulfil rising demand for noodles among consumers. “Thanks to the Bangladeshi consumers, our new production unit will certainly be able to meet demand. We will also bring some new products for Bangladeshi consumers."