Business Research International Corporation is set to establish a large-scale agro-processing industry in the Jamalpur Economic Zone with an investment of approximately $5.32 million.
A land lease agreement was signed on Monday between the Bangladesh Economic Zones Authority and BRIC at the BEZA Office in the city, said a press release.
Executive member (investment development) and additional secretary of BEZA Saleh Ahmed and director and vice-president of BRIC Mishal Karim signed the agreement.
Under the agreement, BRIC will be allotted five acres of land to set up a modern, export-oriented, and eco-friendly industrial unit. The facility is expected to begin commercial production within the next three years.
The primary products will include paste, pulp, and puree; juice and beverages and spices.
The project is designed to be environmentally friendly, requiring relatively low amounts of water, electricity, and gas.
Furthermore, the company plans to source more than 50 per cent of its raw materials locally, which will encourage the domestic agricultural market and strengthen the country’s agro-based industrial sector.
While catering to the internal market, BRIC intends to export 15 per cent of its produced goods to international markets.
This new venture marks a strategic expansion for BRIC, which has been operating in Bangladesh for over three decades. BRIC is already the largest single investor in Renata Limited (pharmaceuticals) and holds significant investments in Direct Fresh Limited (food and commodity distribution) as well as the renewable energy sector.
Speaking at the signing ceremony, Saleh Ahmed highlighted that the Jamalpur Economic Zone was evolving into a plug-and-play economic enclave.
This investment serves as a prime example of BEZA’s commitment to green industrialization and expressed hope that it would inspire further domestic and foreign investment in the region, he noted.
The Jamalpur Economic Zone is the first government-owned economic zone in the Mymensingh Division, spanning 436 acres.
According to feasibility reports, the zone is ideal for agro-based industries, light engineering, and garments.
Significant infrastructure developments have already been completed, including gas connection lines and a 33/11 KVA power substation; administrative and dormitory buildings and boundary walls and ground-water reservoirs.
To date, 18 institutions have signed lease agreements to set up industries in this zone, with construction currently underway for six industrial units and one skill development centre.
Once fully operational, the zone is expected to create direct employment for approximately 32,000 people, contributing significantly to the sustainable economic growth of the region.
