Prime Leaf Processing, a company jointly owned by Singapore, UAE, and India, is set to invest $8.84 million to establish a tobacco processing industry in the BEPZA Economic Zone.
The Bangladesh Export Processing Zones Authority and the Prime Leaf Processing Company Ltd signed a lease agreement in the BEPZA Economic Zone, at the BEPZA Complex in the capital Dhaka, according to a press release issued by Bepza.
BEPZA member (investment promotion) Md Ashraful Kabir and Prime Leaf Processing chairman Meng Li signed the agreement on behalf of their organisations.
The company will produce 36,000 tons of cut rags and cut rolled expanded steam annually and is expected to create employment opportunities for 100 Bangladeshi nationals.
BEPZA executive chairman major general Abul Kalam Mohammad Ziaur Rahman, along with senior officials and representatives of the company, were present in the signing ceremony.
BEPZA executive chairman said, 鈥楤EPZA is proud to host a growing number of foreign investors, and we are excited to see prime leaf processing contribute to the success of BEPZA EZ. We invite other global companies to explore the abundant opportunities Bangladesh has to offer,鈥� he added.
Prime Leaf Processing chairman Meng Li said, 鈥榃e look forward to starting operations by August 2025, and we are optimistic about the positive impact our investment will have on both the local economy and the workforce.鈥�
With this agreement, the BEPZA Economic Zone has secured a total proposed investment of $926.50 million from 40 companies.