The Meghna Group of Industries is poised to secure the fourth economic zone (EZ), marking a milestone among local business groups in Bangladesh. The Bangladesh Economic Zones Authority (Beza) will formally sign a pre-qualification license agreement with the Meghna Group today in Dhaka.
Anticipating a substantial investment of $3 billion, the Meghna Group will develop the Titas Economic Zone (TEZ) under the license. This economic zone is positioned to cover about 400 acres of land along the Meghna River at Chalivanga in Cumilla. Initially, the TEZ’s first phase will focus on facilitating domestic and foreign industries on 161 acres, with plans for a full expansion to the entire 400 acres in the future.
Situated close to major transport hubs like the Dhaka-Chittagong Highway and various key infrastructural facilities, the TEZ promises strategic advantages. The zone is approximately 35 km away from Dhaka’s zero point, 50 km from Hazrat Shahjalal International Airport, 210 km from Chittagong Sea Port, and 32 km from Kamalapur Rail Station.
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The Meghna Group’s TEZ aims to attract investments and create around 60,000 employment opportunities once fully operational. The zone, under Meghna Group’s management, plans to maintain international standards by providing essential utilities like electricity, gas, water, a power substation, a common effluent treatment plant (CETP), and more. Moreover, facilities such as commercial banks, restaurants, investors’ club, helipad, mosques, medical centers, among others, are on the agenda.
Considering TEZ’s geographical advantage near a river, it is set to accommodate industries such as petrochemical refineries, paper and board mills, pharmaceuticals, ICT products, power plants, garments, cosmetics, chemicals, and more.
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Furthermore, the Beza is also engaged in efforts to establish 100 economic zones across Bangladesh by 2041, aiming to generate extensive employment and boost national economic growth. These zones offer various fiscal benefits like tax holidays, duty-free imports, and non-fiscal advantages such as bond facilities and One-Stop Service for potential investors.
Source: The Business Standard
