Dhaka: PowerPac Economic Zone (Pvt) Ltd, a sister concern of local business house Sikder Group, has singed the final deal with Bangladesh Economic Zones Authority (BEZA) to develop an economic zone, PowerPac Economic Zone(PEZ), at Mongla.

PEZ managing director Ron Haque Sikder and BEZA executive member Abdus Samad signed the deal on behalf of the respective sides at a function at a city hotel on Thursday.

BEZA officials attending the signing ceremony said Sikder Group will develop the PEZ on 205 acres of land under public-private partnership and operate it for the next 50 years.  

‘The government has undertaken a move to develop 100 economic zones in six categories, including PPP. The PEZ will be the first of the economic zones to be developed under PPP model,’ said BEZA executive chairman Paban Chowdhury while addressing the deal signing ceremony.

With PEZ chairman Rick Haque Sikder in the chair, the function was also addressed by secretary to the Prime Minister’s Office Suraya Begum and Bangladesh Export Processing Zones Authority (BEPZA) executive chairman Maj Gen Habibur Rahman Khan.  

Sikder Group officials said they would develop the PEZ as the modern economic zone near the existing Mongla EPZ offering best facilities for the foreign and local investors.

The facilities include hassle-free land, one-stop service, uninterrupted power supply, sewerage treatment plant, effluent treatment plant, water treatment plant, waste management plant and uninterrupted utility services.  

Earlier, the Sikder Group obtained the pre-qualification license from BEZA in May last year to develop the economic zone under public-private partnership (PPP).

So far, the government has awarded four economic zones to private sector investors - one each to Abul Monem Limited and AK Khan Group and two zones to Meghna Group.

As per the deal between the Sikder Group and BEZA, the private sponsor will develop land with all necessary infrastructures to facilitate setting up export-oriented industries as well as factories to supply goods to international and local market.