A 40-year lease renewal agreement has been signed between the Bangladesh Forest Industries Development Corporation (BFIDC) and the Forest Department.
BFIDC leases the land from the Forest Department for natural rubber cultivation.
Chief Conservator of Forests Md Amir Hossain Chowdhury and BFIDC Chairman Md Nasir Uddin Ahmed signed the agreement on behalf of their respective sides at the conference room of the Environment, Forest and Climate Change Ministry at the Secretariat on Tuesday.
Over the years, the Forest Department has officially transferred 38,184.48 acres of land for 18 rubber plantations to BFIDC.
Syeda Rizwana Hasan, Advisor to the Ministry of Environment, Forest, and Climate Change, and the Ministry of Water Resources was present as chief guest.
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Speaking at the event, Rizwana highlighted that the lease renewal was initiated by the ministry since the previous agreement had expired in 2003.
She emphasised that this renewal would enhance government revenue, resolve legal complexities related to land encroachment and contribute significantly to maintaining climate balance through natural rubber cultivation.
Dr. Farhina Ahmed, Secretary of the Ministry, and senior officials from both organisations, were present on the occasion.