Bangladesh Economic Zones Authority (Beza) plans to allocate 500 acres at National Special Economic Zone in Mirsarai to an International Master Developer to set up a modern “Green Factory Hub” as part of a new strategy to attract foreign investment.
The project aims to replicate the model of the Korean Export Processing Zone and the Bepza Economic Zone, with the master developer managing the industrial zone.
Under a Public-Private Partnership (PPP) framework, the developer will be responsible for land development, construction of facilities, and allocation of plots to investors.
“We have moved beyond allocating small plots. Our focus now is on developing larger zones with full infrastructure,” said Abdullah Al Mahmud Faruk, project director of the National Special Economic Zone (NSEZ) Development Project.
“The International Master Developer will oversee complete development of the 500 acres, including utilities and facilities,” he told The Business Standard.
The government-run Infrastructure Investment Facilitation Company (IIFC) will soon conduct a feasibility study, after which international tenders will be invited, he said.
“The initiative promises a well-developed industrial zone with advanced infrastructure and environmentally friendly factories,” Faruk added.
Beza expects the selection and allocation process to take around two years and plans to host roadshows and other promotional activities to drum up investor interest.
Faruk further noted that companies with existing plot allocations elsewhere in the industrial city are expected to begin factory construction within the next year, although a few may surrender their plots.
“We hope around 1,500 acres will be ready for industrial use in two years,” he said.
Meanwhile, in a bid to further attract foreign investors, Beza and BIDA recently hosted an investment summit, during which a 60-member foreign investor delegation visited the Mirsarai NSEZ.
Progress at NSEZ
Stretching across nearly 33,000 acres in Chattogram’s Mirsarai and Sitakunda upazilas and Feni’s Sonagazi upazila, the National Special Economic Zone (formerly BSMSN) is Beza’s flagship industrial development.
The authority has already taken possession of approximately 17,500 acres.
Key allocations include 1,138 acres to the Bepza Economic Zone, 500 acres each to Bashundhara Group, PHP Group, and SBG Economic Zone, 198 acres to BSRM, and 900 acres for the Indian Economic Zone.
Significant progress has been made at the Bepza Economic Zone, where several factories are already operational. Bashundhara Group is nearing completion of three factories for chemicals, steel, and ready-mix concrete production, while PHP Group has taken possession of its land and BSRM has commenced land-filling activities.
Notable investors in the NSEZ include Berger Paints, Asian Paints, Nippon & McDonald Steel Industries, Jihong Medical, Adani Group, Healthcare Pharma, Wilmar International, Marico, ACI, SQ Group, and IFAD Autos.
However, Beza recently cancelled the lease for 500 acres allocated to the consortium of Sikder Group, Bashundhara Group, and Gasmin Group under the SBG Economic Zone, citing failure to initiate development activities.
Meanwhile, the Indian Economic Zone project remains in limbo, with Adani Ports and International Seaports Dredging Private Limited showing little interest.
Political uncertainty following the fall of the Awami League government and strained relations with India’s interim administration have further clouded the project’s futures.