Bashundhara, one of the leading conglomerates in Bangladesh, will invest $4.88 million initially to build pulp and board mills in the industrial zone.
It hopes the proposed economic zone, a third by the company, will create 15,000 jobs.
Safwan Sobhan Tasvir, a vice-chairman of the group, and Bangladesh Economic Zones Authority Executive Member Md Harunur Rashid signed the land-lease deal at a Dhaka hotel on Monday.
BEZA started to work from 2010 with the aims to establish 100 economic zones within 15 years, create 10 million jobs, increase Bangladesh's annual export earnings to $40 billion and investment to $20 billion by 2021.
Bashundhara Group, Aman Group, Abdul Monem Limited, Bay Group, Meghna Group of Industries, United Group, and Maisha Group are among over a dozen companies that have come forward to build private economic zones.
Bashundhara Chairman Ahmed Akbar Sobhan said at the signing ceremony that "his company wanted to be a partner in Prime Minister Sheikh Hasina's effort for the country's development."
He urged the government to give the local entrepreneurs more options for investment.
"Bangladesh has plenty of scopes and suitable areas for investment. The government should give a chance to those who have stashed away money abroad legally or illegally, to bring the money back with a minimum penalty and invest in Bangladesh" he said.
The Bashundhara chairman also said that a Bangladeshi company would expand business in the country with the profits it makes out of business, while the foreign investors would take away the profits. "That's why the local entrepreneurs should be encouraged."
Sobhan, one of the top entrepreneurs in Bangladesh, alleged that bureaucratic complexities persist despite efforts to establish industries in the country.
"We are hearing about a 'one-stop service' for a long time, but it's not happening," he said.
Abul Kalam Azad, the chief coordinator for SDG affairs in the PMO, claimed at the signing ceremony that the administrative complexities were 'mostly removed.'
"We are now making a law. Rules have been set in line with the law and work has started following the rules. This is proof that the tardiness is going away," he said.
BEZA Executive Chairman Paban Chowdhury was also present.
Bashundhara received initial permission for two special economic zones on its own land in Keraniganj near the capital last year.
The company is now building Bashundhara Special Economic Zone and on a 224-acre piece of land and East West Special Economic Zone on a 218-acre one there.