The Bangladesh Economic Zones Authority (BEZA) has handed over the pre-qualification license to Bay Economic Zone (Bay Group) on Thursday, February 11, 2016.
Bay Group will build a 65-acre special economic zone (SEZ) in Gazipur, fifth of its kind under the private sector after A K Khan, Abdul Monem, Megna Industrial and Megna Economic Zone.
The Bay Economic Zone will start operation by March 2017, and once completed, the zone will create about 100,000 jobs. The company has a plan to purchase additional 40-acres of land later.
Speaking at the license-awarding ceremony, BEZA Chairman Mr. Paban Chowdhury said the authority awarded the SEZ to Bay Group as they have good partnership with investors from East Asian countries.
He also added that government is going to approve the country’s largest private SEZ in Sirajganj on 1,039 acres soon.
Managing Director of Bay Group Mr. Ziaur Rahman said they have a good partnership with Stella Group International, which is a leading developer, manufacturer and retailer of quality footwear products and leather. He said his company produces footwear for all leading global brands and with this linkage, Bay can help grow the footwear industry and increase export volume.