Govt approves $1.3b investments in economic zones

The government yesterday gave the nod to private sector investments of $1.3 billion in the country's economic zones. 

Bangladesh Economic Zone Authority (Beza) in a press release said 28 investment proposals, which would create around 36,000 jobs, were approved by the Prime Minister's Office.

The government allotted 363.5 acres of land in favour of the investee companies.

Of the investment plans, 15 were on Bangabandhu Sheikh Mujib Shilpa Nagar.

Of the 15, Walton Hi-tech Industries will invest in electrical and electronic, home and electrical appliances, and automobiles.

Abdul Monem Economic Zone will invest in a manufacturing plant for building materials and construction items while Indian company RHPL Health will pour funds into a detergent and personal hygiene products factory.

The Bangladesh Garments Accessories & Packaging Manufacturers & Exporters Association, Kiam Metal Industries, Healthcare Pharmaceuticals, Fakir Knitwears, and Israq Spinning Mills will also invest in the economic zone.

"Kiam planned to invest around Tk 423 crore but it will be much higher now due to a rise in the import cost of machineries for an increase in the price of dollars," said Md Mizber Rahman, managing director of Kiam Metal Industries.

"We are going to manufacture glassware along with cookware," he said, reasoning that 80 per cent of the local demand of glassware was at present met by imports.