Bangladesh Economic Zones Authority (Beza) yesterday awarded a prequalification licence to Unique Group to set up an economic zone in Narayanganj and attract investment mostly in import-substitute industries.

“We will focus on attracting investment from home and abroad in import-substitute industries, such as LPG, petrochemicals, motorbike and telephone sets,” said Mohd Noor Ali, managing director of Unique Group.

“We will develop a state-of-the-art economic zone here,” he said, adding that entrepreneurs from Japan, China and India have expressed their interest to invest in the zone.

Unique Group will now conduct an environmental impact assessment, a feasibility study and make a master plan by next year in line with the licence requirements, Ali said at the licence awarding ceremony at the Beza office in Dhaka.

It will be the 11th economic zone to be developed by a private sector company.

Although the prequalification licence was for 55 acres, Unique Group plans to set up the zone on 300 acres, which will gradually be expanded to 600 acres.

The zone—Sonargaon Economic Zone—is close to the Dhaka-Chittagong highway and the Meghna river.

“So, it will be a suitable place for investment,” Ali said, adding that the zone will create around 10,000 jobs at various levels.

An economic zone is a designated area in a country with special economic regulations that differ from the rest of the country.

An entrepreneur can enjoy various benefits, including tax incentives, from the authorities by setting up an industrial unit in an economic zone.

Beza Executive Chairman Paban Chowdhury said they have selected 77 sites and acquired 30,000 acres of land so far.

“We are creating a 'land bank' so that we can provide the entrepreneurs with necessary land for setting up industrial units in the next 50 years,” he said.

On Tuesday, Beza awarded a final licence to Meghna Group of Industries for setting up Meghna Economic Zone in Narayanganj.

The authority also awarded prequalification licences to eight local private companies to set up nine other economic zones -- one each to AK Khan and Company, Abdul Monem Ltd, Meghna Group, Bay Group, Aman Group, Maisha Group, United Group and two to Bashundhara Group.

Beza is also setting up four economic zones in the public sector.

It plans to develop 100 such zones by 2030 on 75,000 acres to create jobs for one crore people and produce goods and services worth $40 billion.