CEIZ set to attract over $1 billion investment as construction begins

The long-awaited Chinese Economic and Industrial Zone (CEIZ) officially entered the construction phase on Monday, with the government expecting the flagship Bangladesh-China project to attract more than $1 billion in investment and significantly strengthen the country’s industrial base.

The 800-acre economic zone at Anwara in Chattogram is expected to play a key role in expanding foreign investment, creating employment and diversifying Bangladesh’s manufacturing sector as the government pursues its ambition of becoming a $1 trillion economy by 2034.

Speaking at the groundbreaking ceremony, Finance and Planning Minister Amir Khosru Mahmud Chowdhury said the anticipated investment would make a meaningful contribution towards achieving that target.

“This investment is a significant step toward achieving our target. It moves us another step closer to that journey,” he said.

The minister said the project would transform Anwara and generate substantial  economic benefits across southern Chattogram by creating jobs and accelerating industrial activity.

Reaffirming the government’s commitment to improving the investment climate, he said efforts were under way to remove unnecessary regulations and facilitate business.

“The efforts are to encourage investors so that they come and invest in Bangladesh. Bangladesh is open for business 24 hours a day, seven days a week. Anything for investment, any change necessary for investment is always in our mind,” he said.

Khosru also announced that the government would introduce a single-window service for investors, saying, “We have already decided how it will be implemented.”

He urged the Chinese ambassador to consider establishing a skills development centre in Anwara or Chattogram to help meet the workforce needs of both Chinese and local industries.

Later, speaking to reporters, the finance minister said the government had inherited an economy in a difficult state.

“There had been attempts to develop the economy simply by printing money. Our main goal now is to build an investment-driven economy,” he said.

“There is no alternative to investment if Bangladesh wants to become a $1 trillion economy by 2034. We must move forward through private-sector investment,” he added, noting that a stronger industrial base would increase government revenue and reduce reliance on the readymade garment sector.

Home Minister Salahuddin Ahmed described the project as a milestone in Bangladesh-China economic cooperation.

“Today’s groundbreaking is not just the start-up construction, it is the foundation of a lasting economic bridge between Bangladesh and China. Together, let us build a zone that results in new standards of living, drives sustainable growth and creates a prosperous future for the generations to come,” he said.

Calling it “a new chapter in Bangladesh’s industrial transformation”, he said the project reflected years of planning, political commitment from both countries and cooperation under the Belt and Road Initiative. 

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He also assured investors that the government would maintain law and order, saying sustainable investment depends on a stable security environment.

Chinese Ambassador Yao Wen said the groundbreaking marked an important step in implementing the outcomes of Prime Minister Tarique Rahman’s visit to China.

“Standing at this new historical starting point, China is ready to work hand in hand with Bangladesh to carry forward our long-standing friendship, deepen strategic alignment, expand practical cooperation, and translate the important consensus reached by our leaders into tangible benefits for development,” he said.

BEZA Executive Chairman Ashik Chowdhury said more than 30 Chinese companies had pledged around half a billion dollars in investment following the Prime Minister’s visit to China in June.

“After the PM visited China in June, more than 30 Chinese companies have committed roughly half a billion dollars to a site that, as of this morning, is still open ground,” he said.

He also pledged sweeping reforms to speed up investment approvals.

“Typically, opening a factory or getting a licence in Bangladesh takes roughly six months to a year. We have already committed that within the next three months, we will roll out a process within which you will be able to get it done within 14 days. That is a material shift from what you have seen for decades in Bangladesh,” he said.

Several sub-lease agreements were signed during the ceremony, while the CEIZ One Stop Service Centre was inaugurated. Construction formally commenced with a ceremonial tree plantation.

Developed under a government-to-government framework, CEIZ stems from a memorandum of understanding signed during Chinese President Xi Jinping’s visit to Bangladesh in 2016. 

The Cabinet Committee on Economic Affairs approved the project’s Development Agreement and Land Lease Agreement on 17 June this year. 

BEZA will hold a 30% stake in the project company, with China Road and Bridge Corporation (CRBC) owning the remaining 70%.

To support the zone, the government has approved a Tk4,189 crore infrastructure project, including gas, electricity, water supply, transport, waste management and jetty facilities. Located near the Karnaphuli Tunnel, Chattogram Port and Shah Amanat International Airport, the zone is expected to benefit from strong connectivity and strategic logistics advantages.