Bangladesh Economic Zones Authority on Tuesday issued the final licence to City Group for setting up a private economic zone on the bank of the River Shitalakhya at Rupganj in Narayanganj.
BEZA executive chairman Paban Chowdhury handed over the licence to City Group chairman and managing director Fazlur Rahman on the day at a programme held at the BEZA office in Dhaka.
City Group has got the licence as the fifth private firm for setting up economic zone on 77.96 acres of land after Meghna, Abdul Monem, Bay and Aman groups.
At the programme, Fazlur pledged to expand the City Group’s industries in the country’s economic zones through investing $100 million in the 2018 calendar year.
The Group has already opened letters of credit for setting up seed crushing, auto rice and pulses mill and edible oil industries at the zone.
He said that industrialisation of the EZ would be completed by next three to five years.
‘We will try to attract foreign direct investment including from South Korea and Japan to go for joint venture investment in the zone,’ he said.
The Group applied for three EZ licences and the remaining two are under process, said Paban Chowdhury.
The authority has already issued 17 pre-qualification licences to private investors for setting up economic zones across the country.
BEZA executive members Md Ayub and Emdadul Huq, City Group directors Md Hasan and Shampa Rahman, Standard Chartered Bank chief executive officer Naser Ezaz Bijoy were present, among others, at the programme.
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