China to Invest Over 1 Billion USD in Chittagong Industrial Zone

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Finance and Planning Minister Amir Khasru Mahmud Chowdhury announced on Monday that a new Chinese economic and industrial zone in Anwara, Chittagong, is set to attract over $1 billion in foreign investment. Speaking at the project’s groundbreaking ceremony, the minister framed the development as a critical milestone in the government’s roadmap to transform Bangladesh into a trillion-dollar economy by 2034.

The project, which spans approximately 800 acres, aims to pivot the nation away from an over-reliance on the garment sector and toward a diversified, investment-driven economy. Minister Chowdhury emphasized that fostering private sector growth is essential to curbing unemployment and expanding the national revenue base, noting that previous attempts to stimulate growth through monetary expansion had left the economy in a precarious state.

Home Minister Salauddin Ahmed, who attended as a special guest, underscored the government’s commitment to securing the project’s success by ensuring a stable environment for both domestic and international investors. He noted that the initiative represents a significant chapter in the country’s industrial transformation, serving as a tangible outcome of long-standing bilateral agreements and China’s Belt and Road Initiative (BRI).

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The economic zone’s realization follows years of administrative and regulatory hurdles. First proposed during Chinese President Xi Jinping’s visit to Dhaka in 2016, the project faced multiple delays, including difficulties in developer selection and concerns regarding government procurement policies. The venture regained momentum this past June during a high-level state visit to China, which facilitated the finalization of the developer agreement between the Bangladesh Economic Zones Authority (BEZA) and the China Road and Bridge Corporation (CRBC).

The groundbreaking event was hosted jointly by BEZA and Bangladesh CEIJZ Company Ltd. Attendees included Chinese Ambassador to Bangladesh Yao Wen, Land and Hill Tracts Affairs State Minister Mir Helal Uddin, BEZA Executive Chairman Ashik Chowdhury, and local parliamentary representatives. Officials expressed optimism that the zone will serve as a catalyst for economic growth, not only in the Anwara region but across the entire southern corridor of Chittagong.