The factory will mainly produce cosmetics and polyethylene terephthalate (PET) bottles
Marico Bangladesh, one of the country's leading fast-moving consumer goods companies, is set to invest Tk220 crore on a 10-acre plot to set up its third manufacturing unit at Bangabandhu Sheikh Mujib Shilpa Nagar (BSMSN), a special economic zone (SEZ), at Mirsarai in Chittagong.
The factory will mainly produce cosmetics and polyethylene terephthalate (PET) bottles.
A land lease agreement in this regard was signed between Marico Bangladesh Limited (Marico) and Bangladesh Economic Zones Authority (BEZA) on Sunday in the capital.
The agreement was signed following Marico's payment of $505,857.50 signing money last month.
Mohammad Ali Ahsan, executive member of BEZA, and Ashish Goupal, managing director of Marico Bangladesh, signed the land lease agreement at the meeting chaired by Paban Chowdhury, executive chairman of BEZA.
“Around 99% of Marico's current portfolio is produced locally in Bangladesh, having 36 brands across ten categories, mainly exported to South-Asian and Middle Eastern markets,” said Ashish Goupal.
"We are proud to be ambassadors of “Made in Bangladesh” and enhance this equity in both domestic and international markets. Through the company's efforts, Bangladeshi consumers will be further availing the best-in-class quality products, made right here in their own country," he added.
Marico will invest over Tk220 crore to expand its manufacturing capacity and enhance its locally manufactured goods portfolio.
Regarding the project's financing, Christabel Randolph, legal and corporate affairs director of Marico, said that their immediate plan is to self-finance the project.
"We are, however, exploring other financing options as well and will avail external financing if the terms and rates are feasible," she added.
Speaking on occasion, BEZA Executive Chairman Paban Chowdhury said that Bangladesh has built an investment-friendly healthy environment through the hands of the economic zone and has set a role model for development in the world.
He mentioned that Mirsarai is being built as one of the largest economic zones in South Asia, which will lead to an unprecedented revolution of industrialization in the country and increase the people's living standards and meet sustainable development goals.
In addition, policy-making to build a green economic zone in the face of climate change will soon be implemented. He mentioned that investments from different world countries are coming to Bangabandhu Industrial City, and Marico has taken place among them due to its geographical and strategic location.
According to BEZA, the investment will bring about job opportunities for around 500 people.
Elias Ahmed, chief financial officer, Marico; Md Saiful Alam, manufacturing director, Marico and and members of the executive board of BEZA were also present at the occasion.