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Adamjee draws investment from Newtop Textile
21
Jan '08
Adamjee Export Processing Zone, country's seventh EPZ venture, added another success feather to its cap after being able to lure investment from Newtop Textile BD Limited from Hong Kong for setting up a textile plant here.

An agreement was inked on January 13, between the Bangladesh Export Processing Zones Authority (BEPZA) and the Newtop Textile BO Ltd.

Prasanta Bhushan Barua, Member (Investment Promotion) of BEPZA and Tang Qun, Managing Director, Newtop Textile BD Ltd signed the lease agreement.

Brigadier General Ashraf Abdullah Yussuf, Executive Chairman, AZM Azizur Rahman, General Manager (Investment Promotion) were among the BPEZA members present during the accord inking ceremony.

“Investments from abroad will lend a hand to strengthen country's economic position in the global market and this new textile facility of Newtop Textile BD Ltd is among them,” Brigadier General Ashraf Abdullah Yussuf, Executive Chairman BPEZA told Fibre2fashion.

While talking about other investments pouring in Adamjee EPZ, the Brigadier General said, “In recent period about 25 companies have financed for setting up facilities in Adamjee EPZ.”

The textile plant is 100 percent foreign owned. The investment is expected to reach up to US $25.531 million and when in full operations, the factory is likely to produce 32,500 yards fabrics, annually. Around 842 local people and 4 foreign nationals are going to get employed in this facility.

Fibre2fashion News Desk - India

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