The proposal to establish a Chinese Economic Zone in Bangladesh was first discussed during Chinese President Xi Jinping’s visit to Dhaka in 2016, when the two countries signed a memorandum of understanding. However, the initiative remained stalled for years due to various complications.

Nearly a decade later, the Tk 40 billion-project is finally set to move forward and could receive approval ahead of Prime Minister Tarique Rahman’s forthcoming visit to China.

Sources said the project will be placed before the fourth meeting of the National Economic Council under the new government on Tuesday.

According to the Planning Commission, the economic zone will be developed on approximately 783 acres of land in Anwara, Chattogram, under a government-to-government (G2G) arrangement.

The zone is expected to generate employment for around 100,000 people and attract investments worth approximately US$500 million.