The Bangladesh Economic Zones Authority (BEZA) and Modern Syntex Limited signed a land lease agreement to expand production of High Value Polyester Yarn, further solidifying the industrial footprint of domestic conglomerates within the National Special Economic Zone (NSEZ).
The formal signing ceremony, held at the BEZA office on Wednesday, was attended by senior officials including executive members from the Planning and Development and Administration and Finance departments, said a press release here today.
The deal was executed by Saleh Ahmed, Additional Secretary and Executive Member for Investment Development at BEZA, and Abu Sufian Chowdhury, Managing Director of Modern Syntex Limited.
Under the agreement, Modern Syntex will invest US$7.5 million to expand its existing facility on 3.75 acres of land in Mirsarai, Chattogram.
During the ceremony, Saleh Ahmed highlighted that investments from prominent domestic groups like Modern Syntex are pivotal in reducing Bangladesh’s dependency on foreign imports.
He reiterated BEZA’s commitment to fostering an investment-friendly climate and providing necessary logistical support, while urging the investor to prioritize rapid industrial setup and eco-friendly production methods.
Representing the investor, Abu Sufian Chowdhury noted that the company is leveraging modern, technology-driven, and eco-friendly practices at the NSEZ site.
He added that the firm is focused on the swift expansion of its facilities to better serve both domestic and international markets by utilizing its established reputation and experience.
The NSEZ remains the centerpiece of Bangladesh’s industrial strategy, stretching 25 kilometers along the coast as the country’s largest planned industrial hub.
The zone is rapidly maturing, with 15 industrial units already in production and another 20 units currently under construction.
Beyond manufacturing capacity, the zone is being developed as a comprehensive city system, integrating sophisticated urban facilities to create a holistic environment for both industry and workers.
