The Bangladesh Economic Zones Authority (BEZA) has signed a land lease agreement with Modern Syntex for a $7.5 million investment in the National Special Economic Zone (NSEZ)

The Bangladesh Economic Zones Authority (BEZA) and Modern Syntex Limited have entered into a land lease agreement to expand the production of high-value polyester yarn, reinforcing the presence of local conglomerates in the National Special Economic Zone (NSEZ).

The agreement was formally signed on Wednesday at the BEZA office, with senior officials from the Planning and Development, as well as Administration and Finance departments, in attendance, according to a press release.

Saleh Ahmed, Additional Secretary and Executive Member (Investment Development) of BEZA, and Abu Sufian Chowdhury, Managing Director of Modern Syntex Limited, signed the deal on behalf of their respective organisations.

Under the agreement, Modern Syntex will invest $7.5 million to expand its existing facility across 3.75 acres of land in Mirsarai, Chattogram.

Speaking at the event, Saleh Ahmed underscored the importance of investments by leading domestic firms like Modern Syntex in reducing reliance on imports. He also reaffirmed BEZA’s commitment to ensuring a supportive investment climate and providing necessary logistical assistance, while encouraging the company to expedite implementation and adopt environmentally sustainable production practices.

Abu Sufian Chowdhury, representing the company, said the firm is incorporating modern, technology-driven, and eco-friendly processes at its NSEZ facility. He added that Modern Syntex aims to accelerate its expansion to better cater to both local and international markets, leveraging its experience and established reputation.

The NSEZ, a key pillar of Bangladesh’s industrial development strategy, spans 25 kilometres along the coast and is the country’s largest planned industrial hub. The zone is steadily progressing, with 15 industrial units already operational and another 20 currently under construction.

In addition to boosting manufacturing capacity, the zone is being developed as an integrated urban-industrial ecosystem, featuring advanced infrastructure and amenities to support both industries and their workforce.