The Cabinet Committee on Economic Affairs on Wednesday approved three separate proposals including the import of urea fertiliser from Russia under the direct procurement method and agreements related to a Chinese-backed economic zone in Chattogram.

The approvals came at a meeting of the committee following consideration of proposals submitted by the Industries Ministry and the Prime Minister’s Office.

Finance Minuster Amir Khosru Mahmud Chowdhury chaired the meeting held at  Secretariat.

The fertiliser import proposal was placed by the Industries Ministry.

The committee also approved the signing two agreements with Bangladesh CEIZ Company Limited, a Special Purpose Company (SPC) formed for the establishment of the Chinese Economic and Industrial Zone (CEIZ) at Anwara upazila in Chattogram district.

The proposal, submitted by the Prime Minister’s Office, sought approval for the Development Agreement and the Land Lease Agreement to be signed with the company.

The Chinese Economic and Industrial Zone is expected to attract foreign investment, facilitate industrialisation and generate employment opportunities in the region.

The project is considered one of the majoBr angladesh-China economic cooperation initiatives.

The committee also gave nod to another proposal submitted by the Prime Minister’s Office regarding the establishment of a Free Trade Zone.

The proposal concerns approval of the portion recommended by the Bangladesh Economic Zones Authority (BEZA) based on a report submitted by the committee formed to examine matters related to the establishment of a free trade zone.