Six local firms to invest $457 million in pharma, hospitality

Six Bangladeshi companies have showed their interest to invest $457 million at Bangabandhu Sheikh Mujib Shilpa Nagar in Chattogram and Sabrang Tourism Park in Cox's Bazar.

They have prepared six investment proposals -- one for the pharmaceuticals sector and the rest five for the hospitality sector.

The economic zones' authority will provide 17 acres land to the entrepreneurs, which are: Healthcare Pharmaceuticals Ltd (HPL), Ifad Motors Ltd, DIRD Composite Textiles Ltd, DIPTA Garments Ltd, DIRD Garments Ltd, and East West Travels & Tours (Pvt) Ltd.

The investment of the six will create around 8,219 direct jobs, according to the officials of the Bangladesh Economic Zones Authority (Beza).

HPL earlier had been running its operation on a 30-acre land inside Bangabandhu Shilpa Nagar.

Now, Beza has decided to allocate additional 10 acres to HPL to fulfil its demand to expand operation.

Healthcare Pharmaceuticals will invest $400 million to establish three factories to produce active pharmaceutical ingredients and formulated pharmaceuticals products.

HPL would establish the facilities to meet the local demand for import substitute and export finished products, Muhammad Halimuzzaman, deputy managing director and chief executive officer of HPL, told The Daily Star.

Another investor, Ifad Motors Ltd, has submitted proposal to invest over $16 million to construct and operate a 10-storied 3-star hotel with a 370-room hotel in Sabrang Tourism Park.

Ifad will also utilise the fund for serviced land for construction of 3-star hotel, leisure spot and recreation, convention centre and transport.

Ifad, DIRD Garments Ltd and East West Travels & Tours (Pvt) Ltd will get one-acre land each while DIRD Composite Textiles Ltd and DIPTA Garments Ltd will be provided with two acres of land each.

DIRD Composite Textiles will invest over $17 million, DIPTA Garments Ltd over $14 million, DIRD Garments Ltd over $6.5 million and East West Travels over $2.5 million.

The businesses are scheduled to sign land lease agreements with Beza at the former's office in Dhaka's Agargaon area tomorrow.