Sumitomo Spokesman: Land Lots and Land Reclamation

sumitomo spokesman: The initial phase, scheduled to be completed in the first half of 2022, will involve the development of land lots totaling 100 hectares for sale to Japanese companies, Hirata said, according to The Japan Times. A Sumitomo spokesman declined to comment, but the trading giant is expected to confirm the move after the establishment of the joint venture in May, a source familiar with the situation said. Land reclamation for the economic zone is scheduled to begin in Araihazar, about 30 kilometers from Dhaka, in September, according to Hitoshi Hirata, head of the Bangladesh office of JICA, who spoke at an investment seminar in Tokyo on Wednesday. ; Sumitomo will establish a special-purpose company with the Bangladesh Economic Zones Authority to draw tenants from Japan and run the 300-hectare industrial park, set to be developed in two phases, he said. The economic zone development will include a 46,000-kilowatt gas-fired power plant, a substation, gas pipelines and a cable telecommunication network. Japan's government will provide a low-interest loan for the project, but it is unclear how much this will cover of the total cost, expected to be fixed around June, according to Yumiko Horiwaki, a JICA spokeswoman, who responded to an email inquiry on Friday. Dhaka will cooperate with Japanese representatives to facilitate swift approval of various applications for local operations, Hirata said. (news.financializer.com). As reported in the news.