Agreement signed for development of Chinese industrial zone in Bangladesh

DHAKA - Bangladesh Economic Zone Authority (BEZA) and China Harbor Engineering Company (CHEC) Thursday signed an agreement of shareholders for development of Chinese economic and industrial zone in southeastern Bangladesh.

Under the agreement signed by BEZA Executive Chairman Paban Chowdhury and CHEC Vice President Xiong Shengquan, the Chinese company will develop the economic and industrial zone dedicated for Chinese investors at Anwara on the outskirts of Bangladesh's seaport city Chittagong, some 242 km southeast of the capital Dhaka.

Earlier, BEZA and CHEC signed a memorandum of understanding in this connection.

In February, the Bangladeshi cabinet committee on economic affairs awarded the project to the Chinese company.

The Bangladeshi government had earlier sought $281 million soft loans from China for building infrastructure of the economic zone and providing various services.

Under the agreement of shareholders, all relevant infrastructures, including connecting roads, will be constructed, and water treatment plant and power distribution lines will be set up with Chinese financing.

Apart from this, commercial buildings will be built as well in the special economic zone to woo Chinese investment in the country.