Bashundhara Group, one of the country’s largest business conglomerates, has received the final licence from the government for setting up the East West Special Economic Zone.

Bangladesh Economic Zones Authority (BEZA) Executive Chairman Paban Chowdhury handed over the licence to Bashundhara Group Vice-chairman Shafiat Sobhan at a ceremony at BEZA office in the city on Monday.

Shafiat Sobhan is also the managing director of East West Special Economic Zone (EWSEZ).

Senior officials of BEZA and EWSEZ were also present at the licence handing over ceremony.

Speaking on the occasion, Shafiat Sobhan said that they would put focus on ‘quality and disciplined investment’ in the special economic zone.

“We’ll try to set a [good] example of investment at East West Special Economic Zone,” he said adding the economic zone would help create huge employment.

The EWSEZ managing director said many investment proposals are in the pipeline and the economic zone authorities are ready to welcome any kind of foreign investments.

BEZA sources said EWSEZ is the 10th private entity receiving BEZA’s final licence for establishing economic zone.

EWSEZ will be built on 102 acres of land at South Keraniganj, on the outskirts of Dhaka city. EWSEZ authorities want to finish the project work “in next couple of years”.

The initial phase of the economic zone is set to host 20 kinds of industries, including food processing, liquid petroleum gas cylinder manufacturing from hot-roll steel coil, powder-coated paint, concrete block and batching, bitumen manufacturing, edible oil refinery, and poly propylene bag manufacturing.

According to BEZA, the total investment in the zone will be around $260 million which will create around 20,000 direct employments and 50,000 indirect employments.

BEZA chairman said they have been nurturing private economic zones so that industrialisation can take place in a disciplined way.

“We’ve awarded pre-qualifications licences in favour of 19 private economic zones. Of them, we’ve already provided final licence to 10 private economic zones,” he said

Talking about the progress of private economic zones, Paban Chowdhury said around 17 industrial units in the economic zones are in production while 17 more are in the process to go for production.

He said BEZA authorities are very happy to work with Bashundhara Group.

“Besides the private special EZ, we’ve awarded 500 acres of land in Mirsharai where they [Bashundhara] are doing laudable development. They have already developed 200 acres of land there which is ready for industrialisation,” said Paban Chowdhury.

Among others, BEZA Executive Member Mohammed Ayub, and Bashundhara Group General Managers (Economic Zones) Hafiz Imam Inam and Md Azizur Rahman Salim were also present on the occasion.