Integrated Composite Industries Ltd., a UAE-Bangladesh joint venture company, has signed a land lease agreement with Bangladesh Export Processing Zones Authority (BEPZA) to establish a Fibre Reinforced Polymer (FRP) composite products, steel frame and accessories manufacturing industry at the BEPZA Economic Zone.
The agreement was signed on Saturday at the BEPZA Complex in Dhaka, according to a press release issued on Monday.
Under the agreement, the company will manufacture modern bathtubs, jacuzzis and panel tanks using FRP, alongside various composite products and accessories, including moulds and patterns to support production, said a press release.
The company plans to produce 6,174 metric tonnes of FRP products annually, targeting strong demand in the shipbuilding and cruise industries.
Most of the output is expected to be exported, primarily to Dubai.
The venture involves a proposed investment of US$10 million and is expected to create employment opportunities for 906 Bangladeshi nationals.
Md Tanvir Hossain, Executive Director (Investment Promotion) of BEPZA, signed the agreement on behalf of the authority while Kamrul Hasan Chowdhury, Chairman of Integrated Composite Industries Ltd., signed on behalf of the company.
BEPZA Executive Chairman Major General Mohammad Moazzem Hossain witnessed the signing ceremony.
Welcoming the investor, BEPZA Executive Chairman reaffirmed the authority’s commitment to providing seamless facilitation and a supportive, investor-friendly environment to ensure the success of industrial ventures.
He thanked Integrated Composite Industries Ltd. for undertaking a diversified manufacturing initiative in Bangladesh and expressed hope that such non-traditional, value-added products would help diversify the country’s export basket.
Kamrul Hasan Chowdhury expressed satisfaction with BEPZA’s investor-friendly initiatives and said Bangladesh is emerging as an attractive destination for global investors. He also expressed optimism about commencing operations at the earliest possible time.