Special economic zone gets 8 investors, Singer Bangladesh in production
“Four of the eight companies that have invested are from Japan. Talks are underway with 6-8 more companies to invest here,” BSEZ Managing Director Taro Kawachi said.
Bangladesh Special Economic Zone (BSEZ) has attracted eight investors, with Singer Bangladesh Ltd already in trial production, said the zone's Managing Director Taro Kawachi.
Kawachi made the remarks at a signing ceremony for a memorandum of understanding between the Bangladesh Economic Zone Authority (Beza), BSEZ, Sumitomo Corporation, and BRAC, at Beza headquarters in Dhaka today (4 June).
"Four of the eight companies that have invested are from Japan. Talks are underway with 6-8 more companies to invest here," Kawachi said.
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He did not disclose the total amount of investment proposals received by all the companies, saying that it was confidential.
However, according to Beza sources, Singer Bangladesh Ltd will invest $78 in a joint venture with Turkish company Arçelik.
Singer Bangladesh Ltd has been allocated 33.4 acres of land, Rudolf GmbH (Germany) 5 acres, Lion Corporation (Japan) 8.4 acres, Onoda (Japan) 5 acres, and NICCA Chemical Co Ltd (Japan) 3.2 acres.
Shaikh Yusuf Harun, executive chairman of Beza, said that he expects $1.5 billion in investment and employment of 1 lakh people in the economic zone.
BRAC Executive Director Asif Saleh signed the MoU on behalf of BRAC.
The signed MoU underscores providing essential training to residents living near the BSEZ. This training will be delivered through a technical and vocational education and training framework, catering to the specific needs of production, construction, and other relevant sectors.
Additionally, the MoU aims to establish pre-primary and primary education facilities in surrounding areas, offer financial services including loans, savings, and insurance, implement micro-loans with various digital services adhering to legal requirements and provide integrated services such as micro-loans, skill development programs, healthcare, and day-care facilities to both residents and workers in the zone's industrial establishments.
The BSEZ, also known as the Japanese economic zone, is a joint project between the governments of Bangladesh and Japan, located on 1,000 acres of land in Araihazar upazila of Narayanganj.
Yusuf Harun expressed his confidence that the MoU's initiatives will effectively address the needs of the zone's tenants, stakeholders, and surrounding communities.
He further noted the importance of collaborating with renowned organisations like Sumitomo Corporation and BRAC to ensure a comprehensive, impactful, and sustainable approach to development within the BSEZ.
