Ifad Autos will assemble car at Bangabandhu Industrial City

Ifad Autos Limited has signed a lease agreement for 30 acres of improved land with the aim of assembling cars at Bangabandhu Sheikh Mujib Industrial City. The agreement was signed on Thursday (August 19) at the office of the Bangladesh Economic Zone Authority in the presence of the Executive Chairman, Mr. Sheikh Yusuf Harun. Mr. Tanvir Ahmed, Managing Director signed the agreement on behalf of IFAD Autos Ltd. and Mr. Md. Ali Ahsan, Executive Member signed the agreement on behalf of Bejar.

IFAD Autos Limited plans to invest 51 million to set up a car assembling and lubricant factory and a light engineering industry. The new plant will directly create employment for about 880 people.

At the signing ceremony, Mr. Sheikh Yusuf Harun, Executive Chairman of Bejar, said that an opportunity has been created in the country for setting up of private car, commercial vehicle and motorcycle industries and Bezer investors want to take advantage of this opportunity. He said not only the market of Bangladesh, but also the neighboring countries, cars, machinery and parts can be manufactured and exported to Bangladesh.

He further said that the proposal to invest about 20 billion US dollars in Bangabandhu Sheikh Mujib Industrial City has already been approved out of which 13 companies have started construction work and 2 industries will come into production within next 4 months. Hopefully, IFAD Autos Limited will start building their industry very soon.

Sunbd/NJ