The Bangladesh Economic Zones Authority (Beza) will sign a deal with Bangladesh Special Economic Zone Ltd tomorrow for faster completion of the zone dedicated for Japanese investors on the occasion of the 50th anniversary of diplomatic relations between the two nations.

Abdul Azim Chowdhury, executive member for administration and finance of Beza, and Eisuke Nakanishi, general manager of Sumitomo Corporation, are expected to sign the development agreement at The Westin Dhaka.

In March 2019, the executive committee of the national economic council approved the Foreign Direct Investment Promotion Project to establish the zone at a cost of Tk 2,562 crore.

Bangladesh Special Economic Zone Limited was formed then for the development of the zone by signing a joint venture agreement with Sumitomo Corporation.

The first government-to-government based economic zone for Japan is being developed on 1,000 acres of land in Araihazar of Narayanganj.

The acquisition of about 700 acres of land has already been done, according to officials of Beza.

Development work on about 200 acres of land is about to be complete.

The estimated cost of the project for land acquisition is Tk 3,195.61 crore.

Ahmed Kaikaus, principal secretary to the prime minister, and Naoki Ito, Japanese ambassador to Bangladesh, are likely to attend tomorrow's agreement signing ceremony.