Abdul Monem Economic Zone (AMEZ) is the second private sector economic zone to receive final approval from the Bangladesh Economic Zone Authority or BEZA. The zone is situated 37 km towards the east of Dhaka city adjacent to Dhaka-Chattagram highway near the Meghna-Gumti Bridge. Recently, Huntsman Corporation (HUN), a well-known chemical supplier in the Bangladesh textile sector, has decided to set up a bonded warehouse in the Abdul Monem Economic Zone.
HUN has leased five acres of land from Abdul Monem Economic Zone. In the first phase, HUN will invest USD 20 million, which is TK 170 crore in Bangladeshi currency (TK 85 per dollar).
Mohammad Harunur Rashid, an adviser to the Abdul Monem Economic Zones Authority, said, “The US Company’s investment in the pandemic was certainly positive. Other investors will also be interested to see it. The design of Huntsman Corporation’s factory has already been finalized. Construction of the factory will start from next month.”
Later, HUN will set up a factory to produce chemicals with raw materials imported from abroad. HUN will get duty free facility for the import of raw materials which HUN has to keep in the bonded warehouse.
HUN will manufacture chemicals used in the textile industry, especially softeners and detergents at the bonded warehouse. Traders in the Bangladesh textile sector now import these raw materials from China, India, and Europe which makes them a lot of time, costs and more. So it is expected that Bangladesh’s textile sector will benefit if it can take chemicals from HUN.
HUN is a reputed chemical supplier in the textile sector of Bangladesh and is sometimes highly recommended by buyers. HUN is an American multinational manufacturer and marketer of chemicals for consumers and industrial customers. HUN operates more than 70 manufacturing, research and development, and operations facilities in approximately 30 countries and employs approximately 9,000 associates.
Abdullah Al Mamun, Co-President of BTMEA, said, “ If Huntsman Corporation imports raw materials from abroad and produces chemicals here, it will be good for textile traders. However, if Bonded Ware House sells finished products there, it will be a hoax”.