Pinnacle Bicycle to invest $21.96m to set up factory in Ctg

Pinnacle Bicycle Industries Limited is going to invest $21.96 million to set up a factory on eight acres of land in the Bangabandhu Sheikh Mujib Shilpa Nagar (BSMSN) in Mirsarai, Chattogram.

Md Ali Ahsan, executive member (investment promotion) of Bangladesh Economic Zones Authority (Beza), and Md Ikhtier Khan Prince, managing director of Pinnacle Bicycle Industries, yesterday signed a land lease agreement on behalf of their respective organisations.

Md Ikhtier Khan Prince told The Business Standard (TBS), "We will build the factory promptly as we plan to go into production by 2024. We will manufacture exportable bicycles.

"Our target is to produce two lakh bicycles in the first year alone. The factory will employ around 1,000 people."

Pinnacle Bicycle Industries Limited is a sister concern of Shamrat Group.

Beza also signed agreements with two other organisations – Bangladesh Industrial Technical Assistance Center (Bitac) and Swan International (Pvt) Ltd – yesterday.

Swan International (Pvt) Ltd Managing Director Amzad Khan and Bitac Director General Anwar Hossain Chowdhury signed separate deals with Beza on behalf of their respective organisations.

Bitac will set up a technical training institute on five acres of land in the Jamalpur Economic Zone – the first of its kind in the Mymensingh division.

Meanwhile, Swan International placed an investment proposal of $13.18 million to set up a tire manufacturing plant on 10 acres of land in the Bangabandhu Sheikh Mujib Shilpa Nagar.

The plant will create employment opportunities for around 9,000 people, said sources.

At the signing ceremony, Beza Executive Chairman Shaikh Yusuf Harun said, "Beza has been able to create a healthy investment-friendly environment in Bangladesh. As a government institution, Bitac is contributing to the development of industry by creating skilled manpower which will go a long way in achieving the overall goals of Beza."

He further said the establishment of the tire and bicycle industry at the Bangabandhu Sheikh Mujib Shilpa Nagar will further enrich the country's export sector.

The country's largest industrial city, the Bangabandhu Sheikh Mujib Shilpa Nagar, is being constructed in an area of 30,000 acres of land in Mirsarai and Sitakunda upazilas of Chattogram and Sonagazi upazila of Feni.

The Beza is working toward establishing 100 economic zones across the country by 2030. The goal is to create employment for one crore people. The Beza also expects to produce and export products worth $40 billion annually from these economic zones.