The Meghna Group of Industries, one of the leading business groups in Bangladesh, is set to establish its fourth economic zone named Titas Economic Zone (TEZ). The Bangladesh Economic Zones Authority (Beza) will sign a pre-qualification license agreement with the Meghna Group for TEZ, which is expected to attract a new investment of $3 billion. Currently, the Meghna Group operates three economic zones, and with the addition of TEZ, it will have the highest number of economic zones among local business groups. The TEZ will be located on approximately 400 acres of land on the bank of the Meghna River at Chalivanga under Meghna upazila of Cumilla. The first phase of development will focus on accommodating domestic and foreign industries on 161 acres, with plans for expansion to the full 400 acres in the near future. The establishment of TEZ is expected to create approximately 60,000 employment opportunities. [592032f9]
In other economic zone news, three companies in the Bepza Economic Zone in Chattogram, Bangladesh are preparing to start production this month. These companies, with a total investment target of $70.12 million, will focus on producing shoe accessories, packaging materials, and other goods. The Bepza Economic Zone, covering 1,138.55 acres of land, is expected to draw $2.70 billion in foreign direct investments once fully operational. Bepza officials have received over 100 applications for industrial plot allocations, with 23 companies already granted plots. The remaining applications are currently under review. The project director of the Bepza Economic Zone expressed confidence in meeting the project's timeline and expects the work to be completed on time. The development of the Bangabandhu Sheikh Mujib Shilpa Nagar is set to bring significant economic growth and opportunities to the region. [5c245ae3]
Meanwhile, the Bangladesh leather industry is facing challenges in obtaining Leather Working Group (LWG) certification for factories. Stakeholders are urging the government to ensure LWG certification to facilitate exporting leather goods to global brands. The incomplete central effluent treatment plant (CETP) in Hemayetpur is the main issue. The project to relocate tanneries to Hemayetpur from Hazaribagh began in 2013, but the CETP was not complete when tanneries started shifting in 2016. The failure of the CETP means factories cannot export leather goods to international brands and are limited to exporting animal hide. Only three leather goods manufacturing companies in the country are LWG certified and able to do business with global markets. Tannery owners and estate officials blame each other for the CETP's failure. The LWG certification takes into consideration water usage, wastewater properties, energy usage, and solid waste management. Some tanneries in Bangladesh are setting up their own effluent treatment plants to improve compliance. [8a262162]
Additionally, City Group, one of Bangladesh's premier conglomerates, is planning to establish the largest LPG plant in the country. With an investment of over Tk2,000 crore, City Group aims to meet the growing demand for LPG due to the dwindling supply of natural gas. The conglomerate is also in negotiations to acquire two additional plants with import terminals. The new LPG plant will position City Group as a major player in the expanding LPG market, which includes cooking gas, industrial, automotive, and power generation applications. The conglomerate plans to enter the market in the first quarter of the upcoming year and will join the 29 operators currently active in Bangladesh's LPG market. [3491f26e]
In energy news, QatarEnergy and Excelerate Energy have signed a 15-year agreement to supply liquefied natural gas (LNG) to Bangladesh. Excelerate will purchase up to 1 million tonnes per annum (mtpa) of LNG from QatarEnergy, with deliveries starting in January 2026. The deal includes purchases of 0.85 mtpa in 2026 and 2027, and 1 mtpa from 2028 to 2040. QatarEnergy's CEO, Saad Sherida Al-Kaabi, stated that the agreement will strengthen the relationship between the two companies and support Bangladesh's energy requirements for economic development. Excelerate currently operates two floating storage and regasification units in Bangladesh. [651918ce]