A decade after it was first agreed, a sprawling Chinese industrial zone has finally broken ground near Bangladesh’s key port city of Chattogram. The project, launched Monday, is expected to funnel millions in foreign investment and create tens of thousands of jobs as Dhaka pursues ambitious economic targets. Main Developments Bangladeshi and Chinese officials jointly inaugurated the Chinese Economic and Industrial Zone (CEIZ), an 800-acre development on the outskirts of Chattogram. Finance and Planning Minister Amir Khasru Mahmud Chowdhury said the zone would help Bangladesh realize its goal of becoming a trillion-dollar economy by 2034. Beijing’s ambassador to Bangladesh, Yao Wen, called the CEIZ a flagship project and revealed that delegations from more than 100 Chinese companies have already visited the site. He added that the zone has attracted roughly $500 million in potential investment and is expected to generate around 100,000 jobs. Read also: UltraTech Cement's $518M Bond Sale Signals Confidence in Indian Debt Markets The zone will target industries such as high-tech chips, medical equipment, electric vehicles, batteries, and ready-made garments. The launch follows Bangladesh’s decision last month to transfer development rights for the 110-acre Mongla Port Economic Zone to China, revoking a 2015 allocation to India. Background Bangladesh and China signed a memorandum of understanding for the CEIZ in 2014. Progress stalled for years due to delays in appointing a developer, securing financing, and obtaining administrative approvals. The project regained momentum after Prime Minister Tarique Rahman’s visit to China in June. The CEIZ is part of Beijing’s broader push to deepen its economic footprint in South Asia through mega infrastructure projects. India and China have been competing for influence across the region, seeking to expand their economic and strategic footprints. Why It Matters For Bangladesh, the zone represents a tangible step toward boosting foreign investment and industrial production at a time when the country is trying to accelerate its economic growth. The promised jobs and investment could provide a significant lift to local communities near Chattogram. The project also underscores China’s growing economic sway in South Asia, particularly as competition with India intensifies. The transfer of the Mongla Port Economic Zone to Beijing signals a shift in Dhaka’s strategic partnerships, with potential implications for regional trade and geopolitics. What's Next Construction of the CEIZ is now underway, and officials will focus on securing the remaining investment commitments and bringing Chinese companies into the zone. The next milestone will be the first factory openings, which could take months or longer given the project’s history of delays. Observers will also watch for further developments in the Bangladesh-China-India triangle, especially regarding port access and infrastructure projects that could reshape trade routes in the region.