BEZA will see an investment of $457 million in hotels and pharmaceutical industries

Signature today of ground lease agreements with six companies

| Updated:
September 21, 2022 11:01:12

A total of six companies are expected to invest $457.13 million in the country’s two economic zones (EZs) to establish five hotels and a pharmaceutical manufacturing unit.

Five companies will build a hotel, motel and resorts in Sabrang Tourist Park (STP) in Cox’s Bazar at a cost of $57.13 million, according to people familiar with the development.

Additionally, Healthcare Pharmaceuticals Ltd. will set up a manufacturing unit for penicillin products in Bangabandhu Sheikh Mujib Shilpa Nagar (BSMSN), realizing an investment worth $400 million in phases.

All companies will sign land lease agreements with the Bangladesh Economic Zones Authority (BEZA) at its office in Sher-e-Bangla Nagar area today (Wednesday).

In total, the investment will generate jobs for over 8,000 people when the facilities start operating.

Healthcare Pharma is developing three industrial units on 40 acres of land in phases.

An official said BEZA had already allocated 30 acres of land to the drugmaker.

“They need an additional 10 acres of land to implement their project,” he said, adding, “They will establish three industries in Active Pharmaceutical Ingredients (APIs) and Formulated Pharmaceuticals.”

Ifad Motors Limited, a subsidiary of Bangladesh’s Ifad Group, will build a three-star hotel on a one-acre plot in Sabrang.

According to their investment proposal, the 10-storey, 370-room hotel complex will create 350 direct employment opportunities.

Three subsidiaries of the DIRD group will establish three accommodation establishments comprising hotels, motels, resorts and chalets in the exclusive tourist park.

Two complexes will be established on two acres of land each and the last will extend over one acre. They will make investments worth $17.29 million, $14.25 million and $6.67 million respectively and will create jobs for nearly 700 people.

According to the proposals, the DIRD group started its activities in 1984 in business areas such as clothing, textiles, engineering, software and the agricultural sector.

A Dhaka-based company in the tourism sector, East West Travels & Tours, will establish a hotel in the STP with an investment of $2.72 million.

BEZA is developing Sabrang Tourist Park in Teknaf upazila of Cox’s Bazar district as the country’s first exclusive tourist park covering an area of ​​1,027 acres.

The tourist park is expected to boost the country’s tourism sector by attracting a good number of foreign tourists.

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