S. Alam Group, one of the leading business conglomerates of the country, is in the process of investing more than Tk 58,000 crore in two special industrial zones approved by Bangladesh Economic Zones Authority (BEZA).
When the operation of these two special economic industrial zones under construction in Banshkhali of Chattogram starts, new doors will be opened for the creation of more than 50,000 new jobs, huge foreign exchange savings and massive revenue collection for the government.
‘S. Alam Economic Zone 1’ is being built on 184 acres of land in Alokdia of Banskhali, Chattogram. Foreign investors have already shown interest in building a high-capacity combined cycle power plant with green energy in this project and agreements have been reached with them to a large extent.
This economic zone is considered an ideal location for setting up industries and factories due to its proximity to the sea and access to waterways. A total investment of approximately Tk 35,000 crore has been made for ‘Banskhali S. Alam Economic Zone 1.’ After the project is fully developed, direct employment will be created for 5,000 people. The land development work of this project is now underway to fulfill the condition of BEZA.
In addition, ‘Banskhali S. Alam Economic Zone 2’ is under implementation at Gandamara, Banshkhali, Chattogram after initial approval from BEZA. This project is being developed over 259 acres and an investment of Tk 22,500 crore is being made. Due to its proximity to the sea, ‘Banskhali S. Alam Economic Zone 2’ is especially suited for heavy industrialization. Foreign investors, including those from Japan and Europe, are already working to build a steel industry (HR coil) at the site and build the necessary infrastructure to export it.
When the ‘Banskhali S. Alam Economic Zone 2’ project is fully implemented, more than 40,000 jobs will be created, and a lot of foreign exchange will be saved through development activities. In addition, in the future, 400 acres of land is being planned to be added to ‘Banshkhali S. Alam Economic Zone 2’ and set up several medium and heavy industries in joint venture with Japan.
S. Alam Group has taken the initiative to establish one green steel project and one green combined cycle LNG and hydrogen power plant in these economic zones. These investment projects have ETP, STP, adequate electricity, four lane roads and other infrastructure and industrial development facilities. As a result, economic activities of BEZA will be expanded through industrial zones.
There is no alternative to expand manufacturing and export-oriented industries to maintain the trend of increasing economic growth of Bangladesh. This special economic zone of S. Alam Group will play an important role in strengthening the local economy and creating employment in addition to achieving the vision of the government by building two sustainable industries. The BEZA authority have received adequate support and guidance in developing the following industrial areas through the creation of state-of-the-art infrastructure and seamless transportation system.
Regarding the role of the two economic zones of S. Alam Group in the local economy, it can be mentioned that in S. Alam Group’s power plant area and its immediate vicinity, the number of taxpayers as well as government revenues in Banshkhali, Chattogram have been increased by multiple times since last five years. In the coming future within next 5 or 6 years, once all the upcoming projects in that economic zones are fully completed, it will increase taxpayers’ number and government revenues significantly which will ultimately boost the local as well as national economy.
The Bangladesh Economic Zone Authority (BEZA), established in 2010, is an institution under the Prime Minister’s Office. It is authorized to establish, license, operate, manage, and regulate economic zones in Bangladesh. The government of Bangladesh aims to establish 100 economic zones across the country by 2030 to achieve self-sufficiency and decentralization in the industrial sector. BEZA has so far approved 97 economic zones of six types including public, private, PPP, G2G and 29 economic zones are under implementation.
