Bangladesh expects new industrial zone to create 100,000 jobs. Officials are launching construction in Chattogram.

Bangladesh is launching construction of a Chinese-backed economic and industrial zone in Chattogram after the project remained stalled for about 12 years.

The zone will cover approximately 800 acres on the south bank of the Karnaphuli River and is expected to create employment for about 100,000 people. Bangladesh and China are jointly funding the project, estimated to cost more than 4,000 crore taka, or approximately $323 million.

The country’s finance minister and home minister are scheduled to lay the foundation stone after traveling to the site by helicopter. China’s ambassador to Bangladesh and the chairman of the Bangladesh Economic Zones Authority are also expected to attend.

The prime minister may participate online, according to media reports. The ceremony marks the official beginning of infrastructure construction. Local residents hope the project will reduce unemployment and promote economic and social development in the surrounding area.