Chittagong coastline transforming to largest business hub in South Asia
The BSMSN will provide over 1.5 million jobs once completed
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Chittagong coastline transforming to largest business hub in South Asia
The BSMSN will provide over 1.5 million jobs once completedA bird’s-eye view of the massive development work at Bangabandhu Sheikh Mujib Shilpa Nagar in Chittagong’s Misarai, where the factories of 13 different companies are already being constructed Courtesy
Shohel Mamun
April 5, 2022 3:39 AM
An emerging coastline in Chittagong’s Mirsarai is witnessing a rapid development to transform the southeastern region of the country into the largest business hub in the subcontinent. The work will be implemented through the Bangabandhu Sheikh Mujib Shilpa Nagar (BSMSN) development project by December 2025.
The BSMSN, also known as Mirsarai Economic Zone, will become the third largest city in Bangladesh after Dhaka and Chittagong by generating over 1.5 million jobs with 15 million people living in the adjoining areas.
While recently visiting the country’s next industrial hub, this correspondent witnessed the ongoing progress of the massive development project.
China Civil Engineering Construction Corporation (CCECC) is one of the few contractors engaged in the development works.
Chen Xiaocong, project manager of site development work in the economic zone, told Dhaka Tribune: “We have already completed site development and construction of embankment. Currently, earth filling and road construction work are progressing.”
According to officials, an abandoned char area only five years ago is now set to become the country’s largest industrial hub.
The whole project is being implemented by the Bangladesh Economic Zones Authority (BEZA).
According to BEZA officials, this economic zone can be a pathway to materializing the dream of becoming a high-income country.
“The industrial city now has $20 billion investment proposals from various nations such as China, Japan, and India,” said Abdullah Al Mahmud Faruk, project director of BSMSN.
“We have already leased 6,000 acres of land to the various companies,” he added.
BEZA said factories of 13 different companies were now under construction in the economic zone.
Attracting investors
The BSMSN seems to be taking shape day by day as investors have started developing the physical infrastructure of the 30,000-acre-plus economic zone.The projects done by CCECC in Mirsarai will help attract foreign-funded enterprises to develop and construct the economic zone, creating jobs for locals and promoting local economic development, said Chen Xiaocong, project manager of CCECC.
According to the BEZA, businesses from home and abroad have come up with investment proposals. Foreign companies like Wilmar of Singapore, Adani Group and Asian Paints of India, Sojitz Corporation of Japan, Nippon Steel of Japan and Yabang Group of China have expressed their interest in investing $10 billion.
BEZA officials said some factories were being constructed at the economic zone, notably Asian Paints, McDonald Steel and Modern Synthetic.
“Various local business groups like TK Group, Karmo Foam Industries, Mango Teleservices, BDCOM Online, Bashundhara Group, Siraj Cycle Industries, Abdul Monem Group, Star Consortium, and Ayesha Clothing are also keen to invest. Out of around 200 international and local investment proposals, over 70 came from local garment makers,” said officials.
Earlier, the World Bank handed over $500 million for the development of the industrial city.
The BSMSN will be the first public economic zone to go into operation as part of the government’s plan to set up 100 industrial enclaves across the country to boost industrialization.
A cosmopolitan city
The BSMSN is planned as a wonderful cosmopolitan city accommodating over 15 million people.There will be different types of residential areas for employees working in the economic zone. They will be developed gradually according to a master plan.
Apart from the various industrial centers, there will be separate zones for health and education. The area is being designed with available open space, leisure, entertainment and cultural centers.
At the same time, the area will be protected from natural calamities by a 30-feet high embankment as the township is being constructed beside the coastline.
“We’ve already constructed an embankment to protect the zone from natural disasters like cyclones and storms,” said Chen Xiaocong, project manager.