The Sichuan Silk Road Belt Investment and the Corporation Chamber of Commerce signed a Memorandum of Understanding with the Bangladesh Economic Zones Authority in Dhaka on Sunday.
According to the MoU, the Chinese group want to build an industrial park on an around 988-acre land in the economic zone to produce automobiles, motorcycles, agricultural machines and cattle food.
They are eager to build a commercial complex for steel, textile and food industries and a centre for technological training.
They also plan to set up a special area named Sino-Bangla Communication Zone in Mirsarai.
They have proposed a total of $1.59 billion initial investment in Mirsarai, BEZA Executive Chairman Paban Chowdhury said.
Investors are showing interests in the zone for its location – only 10 kilometres from Dhaka-Chattogram Highway and 65 kilometres from Chattogram Port, officials said.
BEZA had invited the Chinese businesses to visit the site first when they had proposed the investment a long time ago, Paban said.
Besides China, businesspeople from Japan, India and many other countries have already proposed to invest around $17 billion in the economic zones in Bangladesh.
The BEZA is working to set up 100 economic zones across the country within 2030 on Prime Minister Sheikh Hasina’s orders.
The government hopes to generate 10 million jobs and increase annual export by $40 billion.
The work to set up 26 economic zones is completed while 12 under way and locations have been fixed for 89 others, officials said.