Integrated Composite Industries Limited, a United Arab Emirates-Bangladesh joint venture company, is set to manufacture Fibre Reinforced Polymer composite products, steel frames and accessories at the BEPZA Economic Zone.
In this regard, the company signed a land lease agreement with the Bangladesh Export Processing Zones Authority on Sunday to invest $10 million, according to a press release.
The company would manufacture modern bathtubs, Jacuzzis and panel tanks using FRP, and to support this production, it would also develop various FRP composite products and accessories, including moulds and patterns.
The company planned to produce 6,174 tonnes of the above products annually to meet the significant demand in the shipbuilding and cruise industries, with the majority of the output primarily destined for export to Dubai.
This investment marked a significant step toward industrial diversification in Bangladesh, moving beyond traditional sectors into the specialised field of composite materials, the BEPZA said.
The company is expected to create employment opportunities for 906 Bangladeshi nationals.
Md Tanvir Hossain, executive director (investment promotion) of the BEPZA, and Kamrul Hasan Chowdhury, chairman of Integrated Composite Industries, signed the agreement in the presence of BEPZA executive chairman Major General Mohammad Moazzem Hossain.
Welcoming the investor, the BEPZA executive chairman reaffirmed BEPZA’s commitment to providing seamless facilitation and a supportive, investor-friendly environment to ensure the success of industrial ventures.
He also thanked Integrated Composite Industries Ltd for coming forward with a diversified manufacturing initiative in Bangladesh and expressed hope that such non-traditional, value-added products would significantly diversify the country’s export basket.
Kamrul Hasan Chowdhury expressed his satisfaction with BEPZA’s investor-friendly initiatives and stated that Bangladesh is increasingly becoming a lucrative destination for global investors. He also expressed optimism about commencing operations at the earliest possible time.
Abdullah Al Mamun, member (engineering), ANM Foyzul Haque, member (finance), Samir Biswas, executive director (administration), ASM. Anwar Parvez, executive director (public relations), along with senior officials of BEPZA and representatives of Integrated Composite, were also present at the land leasing ceremony.
