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Kuwait-Bangladesh joint venture to invest $10.39m in BEPZA EZ

Kuwait-Bangladeshi joint venture is set to invest $10.39 million in Bangladesh Export Processing Zones Authority (BEPZA) Economic Zone.

BEPZA has signed a land lease agreement with Messrs KB Petrochemicals Limited, a Kuwait-Bangladeshi company, at BEPZA Complex in Dhaka on Tuesday (February 22) to set up an industry at BEPZA Economic Zone.

The joint venture company aims to establish a Lubricating Oil Blending Plant with an investment of $10.39 million creating employment opportunities for 129 Bangladeshi nationals. The industry will annually produce 20,000 metric ton finished lubricants.

In presence of Executive Chairman of BEPZA Major General Abul Kalam Mohammad Ziaur Rahman, Member (Investment Promotion) Ali Reza Mazid and Managing Director of KB Petrochemicals Limited Jahangir Hossain Patwary signed the agreement on behalf of their respective organisations.

The Executive Chairman of BEPZA thanked the agreement signing company, KB Petrochemicals, for investing in BEPZA Economic Zone.

Mentioning the government investment policy for product diversification, he said, “BEPZA always welcomes high end and diversified product manufacturing industries for investment in BEPZA Economic Zone.”

The BEPZA Executive Chairman said that BEPZA is now one of the most successful organisations in the country in terms of its experiences, capabilities, expertise and professional excellence achieved during 40 years of journey in serving the country’s export-oriented industries. “Investors’ confidence has made BEPZA a brand in the global arena,” he added.

Member (Investment Promotion) Ali Reza Mazid said in his welcome speech, “We hope that this initiative of BEPZA Economic Zone will continue throughout the year as per the confidence of the investors and the success of BEPZA.”

Among others, Member (Engineering) Mohammad Faruque Alam, Member (Finance) Nafisa Banu, Executive Director (Administration) Md Zakir Hossain Chowdhury, Executive Director (Public Relations) Nazma Binte Alamgir, Executive Director (Investment Promotion) Md Tanvir Hossain,  Executive Director (Enterprise Services) Md Khorshid Alam, Project Director of BEPZA EZ Md Hafizur Rahman and Executive Director (Security) Lt Col ASM Quamruzzaman, PBGM and Chairman of K B Petrochemicals Limited Kannan Naser Al Naser were present during the signing ceremony.

Earlier on January 24, 2018, Prime Minister Sheikh Hasina unveiled the foundation stone of BEPZA Economic Zone established on 1138.55 acres of land in Bangabandhu Sheikh Mujib Shilpa Nagar. 643 applications for plot allotment have already been submitted from the investors out of which BEPZA has allotted 154 plots provisionally against 19 companies.

Among the provisional allotments, 31 plots have been allotted to six industries. Recently, BEPZA has signed agreements with four companies with an investment of $50 million where 23,453 Bangladeshi Nationals will get employment opportunities and the investment trend will be continued in coming days.