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Change Your Life! |
Fertilizer plant in Ctg with proposed investment of 500 million dollars |
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News |
May 4, 2000
Dhaka, May 3 (UNB) - Two foreign companies have agreed to examine the feasibility of setting up a gas-based fertilizer plant in greater Chittagong with a proposed investment of 500 million dollars. Saudi Arabian Genel Industries Limited and Exponet Bangladesh Inc, USA signed a memorandum of understanding (MOU) with Bangladesh’s investment promotion agency Board of Investment (BOI) at Rangamati Tuesday. The fertilizer plant of 100 per cent foreign equity will be capable to produce 5 lakh tons of urea and ammonia a year using natural gas to be available from Block 22. It will be 100 per cent export-oriented. Addressing the signing ceremony at the Rangamati hill district council auditorium, BOI executive chairman M Mokammel Haque said the confidence of foreign investors are gradually growing due to liberal investment policies, duty and tax incentives and infrastructure development. Proposed foreign investment amounted to more than 7 billion US dollars during the last three years and nine months, while it was only 3.13 billion in previous five years (1991-96), he said. He named world’s leading oil companies Shell, Unocal and Chevron and power company Rolls Royce that came to invest in Bangladesh over the years alongside many other companies from Korea, Malaysia, Japan, China, Britain, Hong Kong and Thailand. The BOI chief executive said the government wants rapid development of the Chittagong Hill Tracts using its vast deposit of natural resources and raw materials. CHT Affairs Minister Kalpa Ranjan Chakma MP, PM’s Agriculture Adviser AM Anisuzzaman, PM’s principal secretary Dr SA Samad, CHT Taskforce chairman Dipankar Talukdar MP, energy secretary Dr Towfiq-e-Elahi Chowdhury, acting Chairman of Khagrachhari district council Binod Bihari Chakma, Rangamati district council chairman Ching Que Roaza, Exponet Inc senior vice president Jack Blackshare also spoke on the occasion. Divisional Commissioner of Chittagong ASM Mobaidul Islam presided.
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