BRIC to invest $5.32m in agro-processing industry at Jamalpur EZ

Business Research International Corporation (BRIC) is set to establish a large-scale agro-processing industry in the Jamalpur Economic Zone (JEZ) with an investment of approximately $5.32 million.

A land lease agreement was signed today (2 February) between the Bangladesh Economic Zones Authority (BEZA) and BRIC at the BEZA office in the city, according to a press release.

Executive Member (Investment Development) and Additional Secretary Saleh Ahmed signed the agreement on behalf of BEZA, while Director and Vice President Mishal Karim signed on behalf of BRIC.

Under the agreement, a modern agro-processing plant will be established and operated as a joint venture, with a focus on promoting markets for locally produced agricultural goods. The initiative aims to strengthen the country's agro-based industrial sector and expand production for both domestic and export markets.

BEZA said BRIC will invest about $5.32 million in the proposed project on five acres of land. The project will be an export-oriented and environmentally friendly industrial venture, requiring relatively low water, electricity and gas consumption.

The company plans to start commercial production within three years. Its products will include paste, pulp, puree, juice and beverages, and spices. More than 50% of raw materials will be sourced locally.

The project is expected to create significant local employment. BRIC intends to export 15% of its output, which is expected to strengthen Bangladesh's competitiveness in international markets through modern technology and quality production.

Such investment is expected to accelerate industrialisation in the agriculture sector, boost exports, create new jobs, and contribute to sustainable economic growth in the region.

Congratulating the company, Saleh Ahmed said the JEZ is set to become a plug-and-play economic enclave.

"A leading company is expected to start production here soon," he said. 

Referring to BRIC's investment, he said it was "an example of BEZA's environmentally friendly industrial initiatives" and expressed hope that "such agro-processing projects will encourage more local and foreign investors to invest in the JEZ."

The JEZ is the first government economic zone under implementation in the Mymensingh division. The zone will be developed on a total area of 436 acres and is expected to create direct employment opportunities for around 32,000 people once fully implemented.

According to the feasibility study, the zone is suitable for agro-based industries, light engineering, garments and other sectors. Key infrastructure, including gas connections, a 33/11 kV power substation, administrative and dormitory buildings, land development, a groundwater reservoir and boundary walls, has already been completed.

So far, lease agreements have been signed with 18 companies to set up industries in the zone. Construction work is currently underway for six industrial units, including a skills development centre.