Chinese company to invest 2.13 billion in Bangladesh for establishing Iron and Steel Zone

Staff Correspondent       
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Bangladesh Economic Zones Authority (BEZA) and Yunnan Yongle Overseas Investment Co Ltd signed a Memorandum of Understanding (MoU) for establishing an Iron and Steel Zone in Bangladesh on 29 November at a hotel in the capital.

Figure 1: Memorandum of Understanding (MoU) signing ceremony between BEZA and KISC.
Figure 1: Memorandum of Understanding (MoU) signing ceremony between BEZA and KISC.

According to BEZA, China’s Kunming Iron & Steel Holding Company Ltd will invest $2.13 billion for setting up a steel factory and a power plant in either Maheshkhali or Mirsarai economic zone. Every year they will produce 2 million-ton iron and steel.

In the signing ceremony, Chief Guest Mr. Abul Kalam Azad, Principal Coordinator (SDGs) said,“It’s a one of big investment and opportunity for Bangladesh. I hope that this investment will promote international cooperation, explore and realize the development goal”.

Figure 2: Mr. Abul Kalam Azad, Principal Coordinator (SDGs) of Prime Minister Office delivered the speech.
Figure 2: Mr. Abul Kalam Azad, Principal Coordinator (SDGs) of Prime Minister Office delivered the speech.

Abul Kalam Azad said, “Very soon, more Chinese companieswill invest in economic zone and China will support us to achieve sustainable development goal (SDGs).”

“Many Chinese companiesare shifting to USA, Vietnam, Myanmar as labor costs are increasing in China”, said Chinese Ambassador Ma Mingqiang. Chinese Ambassador suggested to all China companies to invest more in Bangladesh economic zone for low labor cost. “I hope that Bangladesh government will give extra facilities for Chinese investors”, said China Ambassador.

“China will invest in major sector like apparel, jute and leather at economic zone”, said Siddiqur Rahman, President of BGMEA. He suggested to garments owners to invest and set up their factories in economic zone to get extra facilities.

Figure 3: Mr.Paban Chowdhury, Executive Chairman, BEZA delivered the speech.
Figure 3: Mr.Paban Chowdhury, Executive Chairman, BEZA delivered the speech.

Abdul Matlub Ahmed, Chairman, Star Infrastructure Development Ltd and Former President, FBCCI said, “It’s one of the largest FDI about 2.13 billion USD in Bangladesh. I hope this investment will help to create new job opportunities, decrease import of steel in Bangladesh”.

BEZA Executive Chairmen, Paban Chowdhury said, “We will give 1,000 acres of land and its investment will create jobs for 30,000 people. We will offer competitive incentive package, one stop service, promote and protect investment in economic zone for our valued investors”.

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