Bangladesh Economic Zones Authority (BEZA) signed a land lease agreement with Modern Syntex Limited to set up a high-value polyester yarn plant at the National Special Economic Zone in Mirsarai, Chattogram.
The agreement was signed at the BEZA office on 15 April the authority said in a press release.
Modern Syntex, a concern of TK Group, plans to expand its existing polyester yarn operations at the zone on the newly leased land.
TK Group, established in 1972, operates across sectors including edible oil, steel galvanising, particle board, tea, textiles, food products, containers and packaging, paper and shipbuilding.
The group has previously leased land in the zone under Modern Syntex Limited and Samuda Food Products and is currently running production facilities there.
Under the agreement, Modern Syntex will invest $7.5 million on 3.75 acres in the zone and expand operations in domestic and international markets.
BEZA Executive Member Investment Promotion Saleh Ahmed said the investment by local industrial groups is helping reduce import dependence.
He said BEZA would continue to support investors to ensure a business-friendly environment and urged the company to expedite the project while minimising environmental impact.
Modern Syntex Managing Director Abu Sufian Chowdhury said the company has already established a modern, technology-driven and environment-friendly facility in the zone and is working to expand it.
BEZA Executive Member Investment Promotion and Additional Secretary Saleh Ahmed signed the agreement on behalf of BEZA, while Managing Director Abu Sufian Chowdhury signed for Modern Syntex.
BEZA Executive Members Planning and Development and Administration and Finance were present.
Around 15 industrial units are currently in operation in the zone, with nearly 20 more under construction.
The coastal zone, stretching about 25 kilometres, is being developed as the country’s largest planned industrial hub with integrated urban facilities.
