Adamjee EPZ eyes $400m investment in 18 months |
Seventh EPZ starts journey today
Md. Hasan back from Adamjee EPZ, Narayanganj
Authorities expect $400 million investment in Adamjee export processing zone in the next 18 months as the country's seventh EPZ starts its journey today.
"Some 50 industrial units will be established in the Adamjee EPZ in one and a half years and the country will earn around Tk 5.11 crore a year," Md Zakir Hossain, executive chairman of Bepza (Bangladesh Export Processing Zones Authority), told a press briefing on Adamjee EPZ premises in Narayanganj yesterday.
The Bepza executive chairman also said a total of 28 foreign and local investors have submitted proposals to establish units in the EPZ.
Prime Minister Khaleda Zia is expected to formally inaugurate the EPZ established in the site of closed Adamjee Jute Mills, which was the largest jute mill in the world.
Products worth $750 million will be exported from the EPZ a year when the development of the EPZ will be complete, hoped the executive chairman.
He said, "Out of 200 plots, we have already developed 103, measuring 2,000-square-metre each. 37 plots have already been handed over to four companies."
Four companies have already set up industrial units in the EPZ. Of them, British-Vergin Island and Hong Kong-based Kwun Tong Apparels Ltd and Canada-based Hy-Lan Sweater International Ltd invested $38.85 million and $1.28 million.
Saleha Wear Ltd, a local company, and DNV Clothing Ltd, a joint venture between Bangladesh, India and the UAE, will start productions soon.
Some 13,730 people will get jobs initially in the four companies, Zakir said adding that one lakh Bangladeshis will get jobs in the EPZ after completion.
Earlier, on June 30, 2002, the government closed the Adamjee Jute Mills after it had incurred a loss of Tk 1,200 crore since its nationalisation in 1972. The jute mill had some 25,000 workers when the axe fell on it.
The government took the decision to hand over the total area and assets of the closed mill to Bepza for establishing an EPZ on December 1, 2004.
FROM ADAMJEE JUTE MILLS TO ADAMJEE EPZ
Sir Adamjee Dawood set up Adamjee Jute Mills on 295 acres of land on the bank of the Shitalakhkha at Shiddhirganj in Narayanganj in 1950.
Adamjee Brothers contributed 50 percent of the share capital while the Pakistan Industrial Development Corporation (PIDC) sanctioned the rest of the capital.
The PIDC arranged for import of machinery and equipment for the mill with government grants of foreign exchange and by June 1955, the mill was ready for commissioning and had 3000 looms and 31200 spindles.
After the independence, the jute mill was nationalised and handed over to Bangladesh Jute Mills Corporation (BJMC).
But, the mill started incurring loss every year due to labour unrest, mismanagement and administrative corruption.
The Cabinet Committee on Economic Affairs on December 18, 2004 approved the decision to establish a new EPZ on the closed Adamjee Jute Mills premises.