Meghna Group to get go-ahead for first private economic zone

The Meghna Economic Zone of Meghna Group of Industries is all set to receive investments from home and abroad, as the first private economic zone is going to obtain the final nod from the authority next month.

It is one of the two economic zones being developed by Meghna Group of Industries at Sonargaon in Narayanganj.

An economic zone is a designated area in a country with special economic regulations that differ from the rest of the country. An entrepreneur can enjoy various benefits, including tax incentives, from the authorities by setting up an industrial unit in an economic zone.

Meghna Group has completed the environmental impact assessment, feasibility study and a master plan of the economic zone as per the conditions of a prequalification licence, which it received last year.

Bangladesh Economic Zones Authority (Beza) will award the final licence to Meghna next month, officials said.

The preparatory work is complete, and investment will begin now, said Paban Chowdhury, executive chairman of Beza.

Mostafa Kamal, chairman of Meghna Group, said entrepreneurs from Japan, China and Korea as well as some big local companies have already showed their interest to set up industrial units in the zone.

“We are in talks with a Chinese entrepreneur who intends to set up a PVC plant of around $300 million in the economic zone,” he said.

He said Meghna Group itself got around $87 million in foreign currency loan to set up four factories for edible oil, chemical, flour and paper in the economic zone.

The zone is situated on 245 acres of land on the bank of river Meghna in Sonargaon, very close to the Dhaka-Chittagong highway. The economic zone will create more than 20,000 jobs at various levels.

“However, the employment opportunities may be higher if someone sets up labour intensive industrial units such as garment factories in the zone,” said Kamal.

The economic zone is suitable for industries like pulp and paper, tissue paper, sanitary napkin, baby diaper, PVC plant, oil refinery, flour mill, power plant, petrochemicals, ceramics and LPG plant.

The work of another zone—Meghna Industrial Economic Zone—that is being developed on around 100 acres of land is going on in full swing, Kamal said.