Oryx Biotech has signed a tri-patriate agreement with the Summit Technopolis and the Bangladesh Hi-Tech Park Authority (BHTPA) to invest $300 million in establishing a plasma fractionation plant in Kaliakoir.
The plant will employ 2,000 science graduates and process 1,200 tonnes of plasma annually. It will be connected to some 20 plasma collection centres across Bangladesh.
The employees of the plant will produce therapeutics such as albumin, coagulation factor VIII and immunoglobulin.
The investment will mark the first time a foreign company will invest in the biotechnology sector of Bangladesh.
Oryx Biotech will establish the high value plant on 25 acres of land.
Once established the new type of industry will also help Bangladesh diversify its exports and attract more foreign high value, technology orientated investments.
Diversification of exports has become a key challenge for Bangladesh, which has built its economy on the RMG industry. As the country moves forward it must shift towards technology orientated industries to support the youthful, educated graduates.
The Summit Technopolis utilises 91 acres of the total 335 acres of land at the Bangabandhu Hi-Technology City. It focuses on developing infrastructure for IT, biotechnology, environmentally friendly manufacturing lines and precision engineering companies to introduce new dynamism in Bangladesh’s industrial capacity.
The investment from this Chinese company is also an important milestone for the strategic relations between Bangladesh and China with Chinese companies increasingly investing large sums of money in Bangladeshi industries to take advantage of China’s duty free access to 97% of all Bangladeshi products exported to China.
Chinese companies will be able to access markets where they face restrictions previously if they route their products through Bangladesh.