Dhaka, Sept. 28 -- An initiative has been undertaken to develop a five-star eco-friendly resort in the Cox's Bazar-Teknaf coastal belt, involving a potential foreign investment of approximately US$500 million in Bangladesh's tourism sector.

To implement the project, a Memorandum of Understanding (MoU) was signed on Saturday (September 26) at a hotel in Kuala Lumpur, Malaysia.

The agreement was signed by Malaysian hotel-resort entrepreneur Tan Sri Syed Yusof Jojo, former Vice-President and Tourism Minister of the Maldives Ahmed Adeeb, and Chairman of Bangladesh's Versatilo Group Dr. Kamrul Ahsan, according to a press release issued on Monday (September 28).

Under the initial plan, a joint investment company will be established in Bangla...