Bangladesh Economic Zones Authority (BEZA) is going to roll out a fresh project to develop the country’s largest green economic zone — Bangabandhu Sheikh Mujib Shilpa Nagar (BSMSN).

BEZA, government authority to take care of the economic zones, has planned to invest around Tk 43.47 billion for developing BSMSN as a green economic zone in Mirsarai, Sitakundu and Sonagazi areas of Chattogram and Feni.

Sources at BEZA said that major fund will come from the World Bank (WB) as they are interested in providing around Tk 39.70 billion under the Private Investment and Digital Entrepreneurship (PRIDE) project.

Under the project, Beza will construct a 30-kilometre road inside the BSMSN alongside other necessary infrastructures such as a central effluent treatment plant, desalination plant, solar energy systems and so on.

Under the phase-1 of the Bangladesh Economic Zone Development Project, Beza prepared around 2,000 acres of land for the establishment of factories at three economic zones inside BSMSN.

Having begun on January 1, 2014, the ongoing project is expected to be completed by January 30 next year.

Some 548 acres have been developed for industries in BSMSN-1 while the number is 1,939 acres for BSMSN-2 and 474 acres for BSMSN-2B. A total of 114 industrial units have already been established across the three zones under phase-1.

The World Bank previously approved $500 million for the BSMSN’s development on condition that no factories would be set up before the utility connections were provided.

BEZA sources said they have got around $19 billion worth investment proposals from both the local and international investors in the zones.

Some of the major investment proposals include the ones from Beijing Zhenyuen Cons Ltd. (China) involving $304 million, Arab Bangladesh Food Ltd (UAE) involving $12.50 million, Berger Paints (BD) Ltd (UK) involving $13 million, Aust-Bangla Accessories Ltd involving $12.15 million, Edible Oil Ltd. (Singapore) involving $400 million, Asian Paints (BD) Ltd. (India) involving $26 million, Macdonald Steel Bldg Ltd. (JV) involving $59.19 million, Sojitz Group (Proposed) involving $4.6 billion, Eurasia Food Process Ltd (UK) involving $30 million, Eonmetall Intl. Ltd. (Malaysia) involving $9 million, Hangzhou Jinjiang Group Co Ltd. (China) involving $2.5 billion, Merchant Melbourne Ltd. (Australia) involving $3.67 million, according to BEZA data.

On other hand, local business groups like TK Group, Karmo Foam Industries, Bashundhara Group, Ananta Apparels, Siraj Cycle Industries, Abdul Monem Group, ACI, Star Allied and Ayesha Clothing Company have also made huge investments in the BSMSN.

As BSMSN has been conceptualized to be built on a contiguous land of 30,000 acres, it has motivated the investors to dream in a bigger canvas.

Instead of focusing only on the concept of economic zone, BEZA decided to utilize this massive project area in an unprecedented approach that will transform the entire economy of Bangladesh.

Executive Chairman of BEZA told the media that they have sent a project proposal to the planning commission in this regard.

The chairman said that BSMSN will be the country’s biggest ever industrial space.

The BEZA executive chairman also added that local and foreign businesses would enjoy equal benefits at the BSMSN.

In total, around 200 investment proposals have been received for the BSMSN with 76 coming from local garment makers.

Once these proposals become tangible as industrial units, they will generate around 9 lakh jobs, Beza officials said.