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Lyric-Kojima JV to set up clothing plant
Oct '10
Bangladesh-based Lyric Garments Ltd, an export-oriented readymade garment (RMG) company, has inked a joint-venture agreement with Kojima IRYO Company, a major apparel producer in Japan, to establish a joint-ownership factory in Bangladesh.

Initially, $2.4 million would be invested for setting up the composite RMG unit at Gazipur.

Imrul Anwar Liton, Managing director of the new company Kojima Lyric Garments Ltd said that, the company would manufacture export quality ladies garments for sale in Japanese and US markets.

He further informed that, over the next two years, the company eyes to spend around $25 million towards the new factory, which will then employ around 3,000 persons as against 500 now.

Industries Minister Dilip Barua while speaking at the inauguration of the joint-venture company in Dhaka assured that the government would extend full support to safeguard the investments.

He stated that the government has prioritized industrial growth, and has sanctioned a New National Industrial Policy to intensify the process of industrialization besides guaranteeing speedy economic development.

The Minister further said that, Japan's technical knowledge would prove to be of great advantage to Bangladesh. He added that, the government is affording domestic as well as foreign investors in the country with various supple opportunities for investment and expansion.

In a survey undertaken this year, to study the 700 economic zones across the world, Chittagong Export processing Zone has been placed at fourth position in the category of best economical potential and it ranks third for best cost-effectiveness.

Fibre2fashion News Desk - India

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