UAE–Bangladesh joint venture to invest $10m in FRP products factory

Integrated Composite Industries Ltd, a UAE–Bangladesh joint venture, has signed a land lease agreement with the Bangladesh Export Processing Zones Authority (BEPZA) to establish a manufacturing unit for fibre-reinforced polymer (FRP) composite products, steel frames, and accessories at the BEPZA Economic Zone.

According to BEPZA, the company will manufacture FRP-based products such as bathtubs, jacuzzis, and panel tanks. It will also produce related FRP composite products and accessories, including moulds and patterns.

The company plans to produce 6,174 tonnes annually, targeting demand in shipbuilding and cruise-related industries, with most output intended for export, including to Dubai, according to BEPZA.

With a proposed $10 million investment, the project is expected to create employment opportunities for 906 Bangladeshi nationals.

The agreement was signed at the BEPZA Complex in Dhaka. Md Tanvir Hossain, executive director (investment promotion) of BEPZA, signed on behalf of the authority, while Kamrul Hasan Chowdhury, chairman of Integrated Composite Industries Ltd, signed on behalf of the company. BEPZA Executive Chairman Major General Mohammad Moazzem Hossain, ndc, afwc, psc, G, MPhil, witnessed the signing.

Welcoming the investor, the BEPZA executive chairman said the authority remains committed to providing facilitation and an investor-friendly environment. He also stated that the project would contribute to export diversification through non-traditional, value-added products.

Kamrul Hasan Chowdhury said the company is satisfied with BEPZA's investor services and expressed optimism about commencing operations at the earliest opportunity.

The ceremony was attended by Abdullah Al Mamun, member (engineering); A N M Foyzul Haque, member (finance); Samir Biswas, executive director (administration); and A S M Anwar Parvez, executive director (public relations), along with senior BEPZA officials and company representatives.