(Yicai Global) March 18 -- China Harbour Engineering will invest in and operate the China Economic Industrial Park in Chittagong, Bangladesh and promote the project's smooth implementation. 

Beijing-based infrastructure construction firm China Harbour and its affiliate CCCC Industrial Investment Holding will hold 70 percent and 21 percent shares for USD70 million and USD30 million, respectively, while Bangladesh Economic Zones Authority,  will take the remainder, per a recent notice from China Harbour's parent company China Communications Construction Group. 

Guangzhou-based CCCC Industrial Investment Holding Company is a wholly-owned subsidiary of China Communications Construction Group, the main shareholder of China Communications Construction, the notice stated. 

The industrial park in Chittagong, Bangladesh will use preferential loans from China to construct infrastructure to attract production companies from multiple sectors, including chemistry, pharmacy, garments, telecommunications, agricultural machinery, electrics and information technology. It will provide 100,000 local jobs. 

China Harbour penned a shareholder agreement with BEZA for the joint venture company in June 2017 to develop and operate the industrial park together. 

The two parties agreed the project company has the right to use the land for 50 years, renewable for another 50. 

Editor: Ben Armour