Singapore-based Wilmar and India's Adani Group will invest $400 million in a joint venture to establish an industrial park in the Mirsarai economic zone to produce agro-based foods and allied products.

Some 11 industrial units will be set up on 100 acres of land, the lease agreement for which was signed yesterday among Wilmar, Adani Group and Bangladesh Economic Zones Authority.

The development comes after Wilmar International, a leading agribusiness group in Asia, sought land from Prime Minister Sheikh Hasina during her visit to Singapore in March last year.

The industrial park, which will go into operation within next three years, will create about 3,500 jobs.

It will also have a waste refinery plant adopting sophisticated technology, logistic yard and warehouse.

The investment will enhance competitiveness of local manufacturers and help consumers to get quality products, said Paban Chowdhury, executive chairman of BEZA.

Both local and foreign investors are showing keen interest on the economic zones, he said, adding that BEZA has established a land bank that will be able to provide land for investors.

Utility services like water, gas and power will be provided as the government ramps up its efforts to woo investors.

Mohammad Aiyub Ali, executive member of BEZA, and Inam Ahmed from the joint venture, signed the agreement on behalf of their respective organisations.