The government is going to take up a Tk 2,582 crore project to set up an economic zone at Araihazar in Narayanganj for Japanese investors.
Of the cost, 82 percent will come from Japan International Cooperation Agency (Jica) and the rest from Bangladesh.
The project will be placed at the meeting of the Executive Committee of the National Economic Council tomorrow.
The decision to set up a special economic zone for Japanese investors was taken during the visits of the prime ministers of both Bangladesh and Japan to each other's country in 2014.
A mission of the Jica committed Tk 2,127 crore during its visit to Bangladesh in December last year. The loan agreement may be signed in June.
Bangladesh Economic Zones Authority (Beza), the implementing agency, will develop land, construct access roads and set up a power plant, transmission lines and gas pipelines under the project.
The government will acquire 1,000 acres of land in Araihazar, 500 acres of which have already been acquired, according to a BEZA official.
Earlier in 2017, the government took up a Tk 991 crore project for land acquisition in Narayanganj and Chattogram. Under the project, the land acquisition for the Japanese economic zone is going on in Araihazar.
Some 200 Japanese investors have expressed interest to invest in the zone, the Beza official said.
Many Japanese investors are eying Myanmar and Bangladesh to relocate their factories from China, he said.
The government is likely to set up another economic zone for Japanese investors in Mirsarai upazila in Chattogram.