Bangladesh Chemical Industries Corporation, fully owned by the Government, was established in July, 1976 by a presidential Order.  The Corporation is now managing 13 large and medium size industrial enterprises engaged in producing a wide range of products like Urea, TSP, Paper, Cement, Insulator, Sanitary ware etc.  Besides, BCIC is involved in 10 joint venture enterprises to a varying degree of success with local entrepreneurs and foreign investors having equity participation ranging from 20% to 40%. The joint venture enterprises are engaged in the manufacture of medicine, insecticides, safety matches, paper, packaging, paper converting, etc. In this aspect it may be noted that BCIC holds on behalf of the Government of Bangladesh the largest chunk of shares in Karnaphuli Fertilizer Co. Ltd.