Chinese firm to spend over $28 mn for dyed yarn factory in Uttara EPZ
21 Nov 23 1 min read
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.
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.
- Fitch Ratings downgrades Bangladesh to B+; outlook stable
- Bangladesh’s forex reserves to steady within months, Moody's predicts
- Vietnam attracts FDI worth $11.07 bn in Jan-May 2024: MoIT
- Ex-Bangladesh Bank head backs continuing cash incentive for exports
- Bangladesh RMG sector calls for tax relief, incentives in FY25 budget
- France to support Bangladesh with €300 mn in budget aid: Reports
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)
Popular News
|
|
Copenhagen Fashion Week’s May bulletin delves into EU policy landscape |
|
|
World Textile Sourcing adopts WFX ERP for digital transformation |
|
|
Vietnam’s textile & garment exports rise 6.7% in Jan-Apr 2024 |
|
|
Intertextile Shenzhen 2024 to showcase global fabric innovations |
|
|
ICE cotton gains for second day amid volatile market trends |
|
|
BASF India expands production capacity in Panoli & Thane |
