India-based Adani Ports and Special Economic Zone Limited or APSEZ will establish the required infrastructure for Indian Economic Zone in Bangladesh (IEZ).
To this effect, a term sheet was signed between the Bangladesh Economic Zones Authority (BEZA) and APSEZ at a ceremony held in Mumbai, India, on Friday, says a statement.
BEZA Executive Member (Planning and Development) Mohammed Erfan Sharif and APSEZ President Captain Sandeep Mehta signed the agreement on behalf of their respective sides.
BEZA Executive Chairman Shaikh Yusuf Harun attended the signing ceremony as the chief guest while top officials of both the organisations were present.
Signing of the term sheet indicates that the development of the IEZ is set to begin in full swing soon, added the statement.
The Indian Economic Zone is going to be the second largest government to government (G2G) economic zone in Bangladesh after the Japanese Economic Zone.
Earlier, a memorandum of understanding (MoU) had been signed between the governments of Bangladesh and India in June 2015 to set up an Indian Economic Zone here.
With the latest development, the APSEZ will work as an implementing agency of the economic zone on behalf of the Indian government.
Addressing the ceremony, the BEZA chairman said the term sheet signing for establishing the IEZ has been a milestone in case of Indian investment in Bangladesh.
He also lauded the role of the officials of Bangladesh and Indian embassies in this regard.
According to BEZA, a project related to this is being implemented in Bangabandhu Sheikh Mujib Shilpa Nagar (BSMSN) for setting up Indian Economic Zone on about 857 acres of land.
The estimated expenditure for the project has been fixed at Tk9.64 billion.
The IEZ is located in subzone-19 of the BSMSN, which is only 10 kilometers away from Dhaka-Chattogram highway and 65 km from Chaottogram.
Construction work of required infrastructure, including a power plant, sea port, roads and utility services, is going on in full swing in the BSMSN.
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