Bangladesh - কুমিল্লা অর্থনৈতিক অঞ্চল
Cumilla Economic Zone (CEZ) represents a significant development initiative by the Meghna Group in Bangladesh. Located along the banks of the Meghna River in Cumilla district, this 301-acre expanse is currently in the development phase, gearing up for industrial construction and operations.
Positioned in Meghna upazila within Cumilla district and in proximity to the Dhaka-Chattogram highway, CEZ will encompass a total of 115 industrial plots, eventually expanding to cover 350 acres upon the completion of its first phase.
The strategic plan for CEZ encompasses the construction of factories, administrative buildings, warehouses, logistics areas, water and waste treatment plants, roads, and other essential infrastructure. The objective is to transform CEZ into a self-sufficient industrial hub.
CEZ marks the 12th private economic zone to receive construction approval from the Bangladesh Economic Zones Authority (Beza).
Once fully operational, CEZ is expected to generate employment opportunities for approximately 50,000 individuals and attract investments totaling $2 billion.
To date, 33 factories have been established in the other two economic zones managed by the Meghna Group, with 12 of these companies being entirely foreign-owned.
Interest in Cumilla Economic Zone
Given its proximity to Dhaka, CEZ is anticipated to garner significant interest from both domestic and foreign entrepreneurs. The plan includes allocating a minimum of 50% of the land to foreign investors, positioning this economic zone as a focal point for foreign investment.
The Meghna Group aims to inaugurate the 246.3-acre economic zone by mid-2023, drawing from its prior experience in developing two other zones in Narayanganj: the Meghna Industrial Economic Zone and Meghna Economic Zone.
Numerous local and foreign companies, particularly from the United States, Japan, and Germany, have already expressed strong interest in establishing their facilities within CEZ. This enthusiastic response is expected to culminate in an estimated $2 billion worth of investments, driving industries primarily related to textiles, garment accessories, ready-made garments (RMG), chemicals, steel, and glass.
Incentives
Investors in CEZ can leverage various incentives, including tax holidays, duty-free imports of raw materials and machinery, exemptions from dividend tax, VAT-free access to electricity, gas, and water, along with additional fiscal benefits within the economic zones. Furthermore, they can capitalize on non-fiscal advantages such as bond facilities, One-Stop Service (OSS), repatriation of disinvestment, unrestricted telephonic transfers, and streamlined customs procedures.
This facility is going to be self-sufficient with its own power plants, underground water, natural gas from TITAS as well as CETP, STP, WTP Plant etc. Modern amenities will include an investors’ club, commercial centers, residential buildings and parks will also be there. Visit Comilla Economic Zone today.
Additional Details for Cumilla Economic Zone
- Total area: 301 acres
- Tenants: BMT International Limited (France), TM Chemicals Limited (Indonesia)
- Workforce: 50,000
- Natural gas: Natural gas from Titas Gas Transmission & Distribution Company Limited
Cumilla Economic Zone Faces Energy Crisis, Delaying USD800M Investment in 2024
The Cumilla Economic Zone, owned by Meghna Group of Industries (MGI), is struggling to secure electricity and gas connections, stalling a planned $800 million investment. MGI has already spent around $250 million on infrastructure, including a $400 million steel mill, a $200 million paper mill, and a $200 million glass factory, but production has yet to begin.
Government officials acknowledge the energy shortage, with plans to boost supply through domestic gas exploration and imports. A 660-megawatt substation in Gazaria is set to launch by November, potentially alleviating the power issue. However, gas supply remains uncertain despite land purchases and infrastructure investments by MGI.
Foreign investors from China, Cambodia, the Netherlands, and India have shown interest, but the lack of energy infrastructure has prevented agreements. MGI has slowed work and delayed importing machinery, citing financial strain from bank loans. The Bangladesh Economic Zones Authority (Beza) is coordinating efforts, but officials warn that resolving the nationwide gas shortfall will take time.
Tenant at Cumilla Economic Zone
Meghna Group of Industries (MGI), with a rich legacy spanning 49 years, has evolved into a global powerhouse with over 54 industrial units and a workforce exceeding 50,000 employees. Starting as Meghna Vegetable Oil Industries Ltd. in 1989, MGI’s strategic diversification across sectors such as FMCG, building materials, power plants, and more has propelled its annual turnover to $3.0 billion. Led by visionary Mostafa Kamal, MGI’s investments in economic zones and industrial expansion have not only reshaped Bangladesh’s industrial landscape but also cemented its status as a leader in global markets.