The Healthcare Pharmaceuticals Limited (HPL) is set to invest $423.78 million to establish an industrial unit at the Bangabandhu Sheikh Mujib Shilpa Nagar (BSMSN) for manufacturing medical products.
The proposed investment is expected to generate jobs for 7,200 people on 40 acres of land.
This was revealed at the foundation-laying ceremony of the HPL factory at the economic zone (EZ), said a press release issued by the Bangladesh Economic Zones Authority (BEZA).
BEZA executive chairman Paban Chowdhury, HPL managing director Alauddin Ahmed and other officials were present at the ceremony.
According to the project proposal, the HPL will establish five units at the BSMSN to manufacture products like export-oriented formulation, active pharmaceutical ingredients and biotech goods.
Initially, it will erect the factory on 30 acres of land which will be expanded to 40 acres in future.
Addressing the event, Mr Chowdhury said Bangladesh has made its way to woo more local and foreign investment through multiple initiatives made by the BEZA.
The BEZA is establishing Mirsarai EZ, which is the largest such zone and industrial city of South Asia.
"The industrial city will help the country witness an industrial revolution helping improve people's living standards in line with sustainable development goals."
The authorities are also ensuring the environment safety at the EZs alongside industrialisation.
The BEZA has already confirmed availability of required utilities and other services at the EZ to facilitate establishment and operation of industrial units.
BEZA, an investment promotion arm under the prime minister's office, is developing Bangabandhu industrial city comprising three adjoining sub-districts-Mirsarai, Sitakunda and Feni's Sonagazi.
Being developed on 30,000 acres along the coastlines of Sandeep channel of the Bay of Bengal, it has already attracted local and foreign investors, thanks to the availability of essential utilities and policy support.
The industrial city is only 10 kilometres off Dhaka-Chattogram highway and 65 kilometres from Chattogram city.
