Huntsman Corporation To Invest US$ 20 Million In Abdul Monem EZ

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Huntsman Corporation To Invest US$ 20 Million In Abdul Monem EZ

With a wide range of lucrative features, such as suitable location, river connectivity, eco-friendly environment, and all required amenities, private sector industrial hub Abdul Monem Economic Zone is attracting giant investors. In a recent breakthrough, the under-construction economic zone on the banks of the Meghna in Munshiganj's Gazaria allotted 5 acres of land for a facility of the US-based multinational chemical producer Huntsman Corporation. "Huntsman Corporation will set up a bonded warehouse soon. After having the necessary approvals, it will start construction of the manufacturing plants. A design has already been finalised," said ASM Mainuddin Monem, managing director and chief executive officer at the economic zone. Huntsman will produce chemicals used in the apparel industry, with an initial investment of US$ 20 million, he said, adding that local RMG manufacturers will be greatly benefitted once the facility goes into operation. Currently, the country imports these chemicals from China, India and a few other countries. "The availability of local apparel industry chemicals will reduce the lead time as well," added Mainuddin. Prime Textile and Basundhara too have shown keen interest in setting up factories in the economic zone. It has already accommodated a big factory of the Japanese motorcycle manufacturer Honda Motor Corporation. Besides, investments of several other manufacturers, including the Turkish home appliance producer Arçelik, are in the pipeline, according to the economic zones authorities. "We are scrutinising the proposals. We hope we will have over US$ 1 billion investment and can create at least 50,000 jobs in the zone." The authorities are prepared to build a power plant for their own electricity, install jetties for utilising river connectivity and develop a system for rainwater preservation. Besides, a solar power grid will be built there. Officials said the industrial hub, 37km from the capital city and adjacent to the Dhaka-Chattogram Highway, is being developed as a green economic zone at a budget of Tk 5,000 crore. The Bangladesh Economic Zone Authority approved the zone in 2017 for assembling motor parts, producing food and beverage, and manufacturing light engineering, packaging and chemical products. "We hope we can complete the development work of the zone within the next two years," Mainuddin Monem said. Abdul Monem Economic Zone is one of the country's existing 11 privately run economic zones. The BEPZA is working toward establishing 100 economic zones across the country by 2030. The goal is to create employment for 10 million people. The BEPZA also expects to produce and export products worth $40 billion annually in and from these economic zones. Investors can avail of tax holiday, duty-free imports of raw materials and machinery, exemption from dividend tax, VAT-free electricity, gas and water and other fiscal facilities in the zones. Besides, they will have the privilege of enjoying some other non-fiscal advantages, such as bond facility, repatriation of disinvestment, unlimited telephonic transfers and separate customs procedures.