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Saudi Arabia-Indonesia to jointly invest in EPZ |
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September 28, 2000
Dhaka (UNB) - Saudi Arabia and Indonesia will jointly invest 2.56 million US dollars in the Comilla Export Processing Zone through Sabinco, a 100 percent foreign-owned venture. A land-lease agreement was signed here yesterday (Wednesday). M Abdul Aziz Sarkar, Member (Investment Promotion) of the Bangladesh Export Processing Zones Authority (BEPZA), and Kutubuddin, Managing Director of Sabinco Sky Camping Ltd., signed the deal on behalf of their respective sides. Other board members of BEPZA were also present on the occasion, said a news release. This is the first project for Comilla EPZ and also the first investment in EPZs of Bangladesh both for Saudi Arabia and Indonesia. The company will produce bags, tents and backpacks. It will create employment opportunity for about 700 Bangladeshi workers. Sabinco Sky Camping Ltd. is likely to export goods worth 7.3 million US dollars in the first year, which will subsequently be increased up to 11.79 million dollars in the 5th year of its operations. The company, which has been allotted 20 industrial plots measuring 40,000 square-meter approximately, is expected to start construction of their own factory building soon. Prime Minister and Chairman of the BEPZA Board of Governors Sheikh Hasina unveiled the foundation plaque of the Commilla EPZ on July 15 this year. The Comilla EPZ, situated in the old airport area on 258 acres of land, will have 208 fully developed industrial plots. It will also have standard factory buildings of about 27000m2. Development works on the Comilla EPZ are going on in full swing. |