The SBG Economic Zone in Mirsarai is expecting to be complete by the year end as promised.
The government plans to set up 100 such economic zones to generate one crore new jobs, earn $40 billion in additional exports and attract $20 billion in FDI, all by 2030.
Already 90 per cent land development work of the zone is complete and it will be ready for use by the year end, said Mahboob Rahman Ruhel, managing director of SBG Economic Zone.
Bangladesh’s Sikder Group, Bashundhara Group and Gasmin joined hands to form SBG, a consortium, to develop, operate and manage the project.
About $2 billion in investment, especially from Japan and China, is expected in the zone, also called the Mirsarai-1 zone.
Construction is currently going on in the area on 550 acres of land inside Bangabandhu Sheikh Mujib Shilpa Nagar in Mirsarai, Ruhel said.
Establishment of electricity network, bridges and pipelines for drinking water have been completed.
The area will create around 2.5 lakh new jobs and the makers of electronics, pharmaceuticals, food processing and automobile spare parts will get preference here, he said.
Capital intensive investments will be encouraged for the area to bring in state-of-the-art technologies to produce quality products, he said. “However, heavy industry will not be accommodated here.”
Some Tk 450 crore will be needed to develop the zone, of which SBG’s equity is 30 per cent and the rest will be financed by banks.
Compliant local companies will also be allowed to use the zone, Ruhel said.