Indo-Bangla JV to invest $6.69m in Ishwardi EPZ

Staff Correspondent

1 July, 2021 12:00 AM printer

Indo-Bangla JV to invest $6.69m in Ishwardi EPZ

BEPZA Member (Finance and Investment) Nafisa Banu and SPS Agrotech Managing Director Chitta Majumder exchange documents after signing an agreement at BEPZA Complex in the capital on Wednesday. BEPZA Executive Chairman Maj Gen Md Nazrul Islam was also present on the occasion.

SPS Agrotech Limited, an Indo-Bangla Joint Venture Company, is going to establish a rice bran oil manufacturing industry at Ishwardi EPZ with an investment of US$ 6.69 million.

This agro-based product is a new addition to the diversified items manufactured in EPZs and going to be the first rice bran oil industry in EPZs, said a press release.

The company will produce annually 150,000 tonnes of rice bran oil. They will create employment opportunity for 337 Bangladeshi nationals.

Bangladesh Export Processing Zones Authority (BEPZA) and SPS Agrotech Limited signed an agreement to this effect on Wednesday at BEPZA Complex in the capital.

Member (Finance and Investment) of BEPZA Nafisa Banu and Managing Director of SPS Agrotech Limited Chitta Majumder signed the agreement on behalf of their respective sides.

BEPZA Executive Chairman Maj Gen Md Nazrul Islam witnessed the signing ceremony.

Mentionable, the EPZs are strengthening the foundation of the country’s economy by reducing the risk of monopolistic dependence on the garment industry through diversifying products.

Recently, the Prime Minister urged to enrich the country’s export basket by establishing food and agro processing industries.

Responding to the call of the Prime Minister, BEPZA is encouraging investment of this sector in the EPZs and BEPZA economic zone.

Among others, Secretary of BEPZA Md Zakir Hossain Chowdhury, General Manager (Investment Promotion) Md Tanvir Hossain and General Manager (Enterprise Services) Md Khorshid Alam were also present at the signing ceremony.