Chinese firm to spend over $28 mn for dyed yarn factory in Uttara EPZ

21 Nov '23

1 min read

Pic: BEPZA

Insights

Chinese company United Spinning & Dyeing Ltd plans to invest $28.20 million in a dyed textile yarn manufacturing industry in Uttara EPZ, Bangladesh.
The deal, witnessed by BEPZA's executive chairman, will see the creation of 1,816 jobs for Bangladeshis.
The project is expected to generate an annual production of 12,000 metric tons of dyed textile yarn.

Chinese company United Spinning & Dyeing Ltd is going to invest $28.20 million to set up a dyed textile yarn manufacturing industry in Uttara Export Processing Zone (EPZ). Bangladesh Export Processing Zones Authority (BEPZA) signed an agreement with the company to this effect at BEPZA Complex, Dhaka, recently.

Ali Reza Mazid, member (investment promotion) of BEPZA and Yu Min, managing director of United Spinning & Dyeing Ltd signed the agreement on behalf of their respective organisations. The executive chairman of BEPZA major general Abul Kalam Mohammad Ziaur Rahman witnessed the signing ceremony, BEPZA said in a press release.

Executive chairman thanked United Spinning & Dyeing Ltd for choosing Uttara EPZ for investment. Mentioning upcoming Jashore & Patuakhali EPZ, he requested to make a plan to invest there in diversified products.

Yu Min said that it is their first project in the EPZ and they plan to invest more. He hoped that the company would come into production by next October.

United Spinning & Dyeing Limited will create employment opportunities for 1,816 Bangladeshis and produce 12,000 metric ton dyed textile yarn annually.

Fibre2Fashion News Desk (NB)

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