The Executive Committee of the National Economic Council (ECNEC) has approved a Tk 41.89 billion project to establish the Chinese Economic and Industrial Zone (CEIZ) in Chattogram’s Anwara upazila, marking a significant step toward boosting industrialisation and foreign investment in Bangladesh.

The project received final approval at an ECNEC meeting chaired by Prime Minister Tarique Rahman at the Secretariat on Tuesday, ahead of his upcoming visit to China.

Under the project, the Chinese government will provide Tk 24.67 billion in loan assistance, while the remaining funds will be mobilised from other sources. The government considers the Anwara-based economic zone one of its strategic initiatives aimed at accelerating industrial growth, creating jobs and attracting foreign direct investment.

Authorities expect the project to generate around 100,000 direct and indirect jobs and attract approximately US$500 million in foreign investment, particularly in sectors such as textiles, pharmaceuticals and light engineering.

According to the Bangladesh Economic Zones Authority (BEZA), the Chinese Economic and Industrial Zone will be developed on nearly 800 acres of land in Anwara under a bilateral understanding between Bangladesh and China.

The project’s location is considered strategically important due to its proximity to the Karnaphuli Tunnel, Chattogram Port and Shah Amanat International Airport. Officials hope it will eventually become the principal hub for Chinese investment in Bangladesh.

The initiative dates back to 2014, when the Chinese Ministry of Commerce and BEZA signed a memorandum of understanding (MoU). Although land acquisition was completed in 2016, progress stalled for years due to various complications.

Initially, China Harbour Engineering Company (CHEC) was considered as the developer, but the project did not move forward as a final agreement could not be reached. In 2022, the Chinese government nominated China Road and Bridge Corporation (CRBC) as the new developer.

BEZA said preparations for signing an agreement with CRBC are now at the final stage, and construction of the core infrastructure will begin once the deal is concluded.

The project includes the construction of a 1,235-metre jetty link road, a 330-metre bridge, a 1,181-metre four-lane road, a central effluent treatment plant (CETP) with a capacity of 25 million litres, a multipurpose jetty capable of handling 20,000 deadweight tonnes, gas supply infrastructure, power substations, transmission lines, reservoirs and a nearly 12-kilometre boundary wall.

BEZA Executive Chairman Ashik Chowdhury recently said discussions with the Chinese side have made significant progress and that both countries are giving the project the highest priority.