UAE-Bangladesh joint venture to invest $10m in BEPZA EZ

Integrated Composite Industries Ltd, a UAE-Bangladesh joint venture, is set to invest $10 million to establish a composite manufacturing plant at the BEPZA Economic Zone.

The company will manufacture Fibre Reinforced Polymer (FRP) composite products, including modern bathtubs, jacuzzis and panel tanks, according to a press release.

A land lease agreement was signed between the Bangladesh Export Processing Zones Authority (BEPZA) and the company at the BEPZA Complex in Dhaka on Sunday.

Md Tanvir Hossain, executive director (investment promotion) of BEPZA, and Kamrul Hasan Chowdhury, chairman of Integrated Composite Industries, signed the deal.

The plant is expected to produce 6,174 tonnes of products annually, primarily targeting export markets in Dubai and the shipbuilding and cruise industries. It is expected to create employment opportunities for 906 Bangladeshi nationals.

To support production, the facility will also develop accessories, including moulds and patterns for FRP products.

BEPZA Executive Chairman Major General Mohammad Moazzem Hossain, who witnessed the signing ceremony, said the project marks a significant step toward industrial diversification.

He noted that such non-traditional, value-added products would contribute to diversifying the country’s export basket.

Bangladesh is increasingly becoming a lucrative destination for global investors, said Kamrul Hasan Chowdhury, expressing optimism about commencing operations at the earliest.

The signing ceremony was attended by BEPZA's Abdullah Al Mamun, member (engineering); ANM Foyzul Haque, member (finance); Samir Biswas, executive director (administration); and ASM Anwar Parvez, executive director (public relations), among others.