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Bangladesh BEZA signs deal with India's Adani Ports for economic zone

06 Apr '22

1 min read

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Bangladesh Economic Zones Authority (BEZA) recently signed a term sheet with India’s Adani Ports and SEZ Limited in Mumbai to establish an Indian Economic Zone (EZ) under government-to-government engagement. Through this, full-fledged activities for the development of the Indian EZ will begin. Other processes, including the formation of a company to operate the EZ will start in phases.

A term-sheet is a non-binding agreement that shows the basic terms and conditions of an investment. A memorandum of understanding was signed between Dhaka and New Delhi in June 2015 to establish the Indian EZ. India selected Adani Ports and SEZ Limited to work as a developer of the EZ.

The Indian EZ is being established at Mirsarai in Chittagong under the Bangabandhu Sheikh Mujib Shilpa Nagar (BSMSN) on about 857 acres of land with a cost of about Tk964 crore.

BEZA executive chairman Shaikh Yusuf Harun hoped the EZ will attract Indian investors. “Very low labour cost, skilled manpower, favourable government policies, uninterrupted electricity supply, high productivity and political stability are turning Bangladesh into a global investment hub despite the COVID-19 pandemic," he added.

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