A local company plans to invest $5.32 million in a new agro-processing plant at the Jamalpur Economic Zone. 

Business Research International Corporation, known as BRIC, signed a land lease agreement with the Bangladesh Economic Zones Authority on Monday. The agreement was signed at BEZA’s headquarters in Dhaka’s Agargaon area.

BEZA Executive Member Saleh Ahmed and BRIC Director and Vice President Mishal Karim signed the deal on behalf of their organizations, according to an official statement.

Under the proposal, BRIC will set up an agro-processing facility on five acres of land. The plant will produce paste, pulp, puree, juice, beverages, and spices. More than half of the raw materials will be sourced from local farmers and suppliers.

The company expects to start commercial production within three years. Around 15 percent of total output will be exported, while the rest will be supplied to the domestic market.

BRIC said the plant would be environmentally friendly. The project is also expected to create new jobs in and around Jamalpur.

BRIC has operated in Bangladesh for more than 30 years.

The Jamalpur Economic Zone is the first government-run zone in the Mymensingh division. It spans 436 acres and is expected to generate employment for about 32,000 people once fully developed.