The development of Mirsarai Economic Zone (MEZ) will be visible by 2018 as work on road construction, power plant installation and earth-filling are going in a quicker pace.
"The zone will be developed in 30 phases by 2030. We have already invited tenders for three phases for the development of about 2,000 acres of land out of a total of 30,000 acres," Bangladesh Economic Zones Authority (BEZA) Executive Chairman Paban Chowdhury told.
He said development work, like the construction of a four-lane road inside the zone and 18.5-kilometer long two-lane marine driveway with a protection embankment is going on inside and near the MEZ.
The zone is along the strategic location of Dhaka-Chittagong industrial corridor under Chittagong district.
MEZ will be the country's first self-contained economic zone as it will have park, sea port, residential area, power plant, hospital, school and university, he added.
The executive chairman said investment proposals worth about US$8 billion have already been confirmed for the MEZ from home and abroad in various sectors, including steel, Liquefied Petroleum Gas (LPG) and shipbuilding.
Chowdhury expressed the hope that MEZ would play a vital role in fulfilling the investment prospect of the country through establishing a truly world-class business and industrial center and attracting the local and foreign investors.
"As the zone is linked with Dhaka-Chittagong industrial corridor, business costs and cost of living are significantly low than those of the other competing cities of the world," he added.
The BEZA chief said BEZA is implementing a project of Water Development Board through China Harbour Engineering Company for construction of the 18.5 kilometer two-lane marine driveway with protection embankment from Sonagazi to Sitakunda at a cost of Taka 1,163 crore.
He informed that Rural Power Company Limited (RPCL) is setting up a 150 Megawatt (MW) power plant which will have an option to increase up to 1000 MW in future. The construction of the power plant is likely to be completed within the next one year, he added.
He said Chittagong Port Authority is also establishing an exclusive port for the economic zone, which will have all modern facilities for increasing export and import.