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Chinese firm to build $22mn textile plant in Bangladesh
18
Dec '13
Courtesy: The Bangladesh Today
Courtesy: The Bangladesh Today
Chinese textile firm Asia Spinning and Textiles Ltd., would be investing US$ 22 million for the establishment of a new spinning and textile factory in the Ishwardi Export Processing Zone (EPZ) located at Pabna in Bangladesh.
 
The Chinese firm has signed an agreement with the Bangladesh Export Processing Zones Authority (BEPZA) for setting up the plant at the EPZ. 
 
Sayed Nurul Islam, member (Investment Promotion) of BEPZA and Li Zhan Bin, managing director of Asia Spinning and Textile Mills Ltd., signed the agreement at the BEPZA complex in Dhaka. 
 
The textile plant would have an annual production capacity of 19,000 tons of yarn, and 6,000 yards of fabric, and would also create 1,450 employment opportunities in the EPZ.
 
BEPZA is the official organ of the Bangladeshi Government to promote, attract and facilitate foreign investment in the EPZs of the country. The primary objective of an EPZ is to provide special areas where potential investors would find a congenial investment climate, free from cumbersome procedures.
 
There are eight EPZs in Bangladesh, namely, Chittagong, Dhaka, Mongla, Ishwardi, Comilla, Uttara, Adamjee, and Karnaphuli.
 
About 58 percent of units in these EPZs have 100 percent foreign ownership, 28 percent are 100 percent local ventures, and the remaining 14 percent are joint ventures.
 

Fibre2fashion News Desk - India

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