Adani group to set up Indian Economic Zone in Bangladesh

The Bangladesh Economic Zones Authority (BEZA) signed an agreement with the Indian company Adani Ports and SEZ Limited to set up an Indian Economic Zone at the Bangabandhu Sheikh Mujib Shilpa Nagar (BSMSN) in Mirsarai of Chittagong. The Indian Economic Zone will provide facilities for Indian investors in Bangladesh. Mohammad Irfan Sharif, an executive member of BEZA, and Sandeep Mehta, president of Adani Ports and SEZ, signed on the dotted line recently in Mumbai, BEZA said in a statement.  The signing of the non-binding agreement called term-sheet between the two entities in Mumbai indicated that the development of the Indian Economic Zone (IEZ) will start in full swing soon, said the press statement. It is usually the first documented evidence of possible acquisition. It may be either binding or non-binding.

The Indian Economic Zone is being built on 857 acres of land with an estimated cost of Taka 964 crore supported by an Indian Line of Credit worth USD 115 million. The project involves land development, construction of connecting roads, security system, water supply, telecommunication, and water treatment plant facilities for the Indian companies investing in Bangladesh.A memorandum of understanding was signed between Bangladesh and India in June 2015 to establish an Indian economic zone. Among the Government to Government economic zones being set up in Bangladesh, the Indian Economic Zone is going to be the second largest one after the Japanese Economic Zone. The Indian High Commission in Bangladesh in a tweet said that the agreement will kickstart the development of state-of-the-art infrastructure at IEZ.