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PRC chemical maker wants to invest $300 mn in Bangladesh

Jul '20
Pic: Shutterstock
Pic: Shutterstock
Yabang Investment Holdings Group Co, a concern of Yabang Group of China, has expressed its willingness to invest $300 million in textile and other chemical industries inside Bangabandhu Sheikh MujibShilpa Nagar in Bangladesh’s Chattogram. This the highest amount of investment proposal received by the Bangladesh Economic Zones Authority (BEZA) during the pandemic.

Yabang Group chairman Xiaochu Xu put recently forward the proposal and sought 100 acres of developed land under an annual lease agreement, according to BEZA offficials.

The company has also submitted an environment management plan to address environmental issues of the project. This will be a project owned cent per cent by foreigners.

The group wants to take advantage of the global trade competitiveness, BEZA chairman Paban Chowdhury was quoted as saying by Bangla media reports.

"We will sign a deal on land lease agreement with Yabang Group just after Eid-ul-Azha, as they want to complete the investment process rapidly to go into production as soon as possible," he said.

On June 5, Xu met with Bangladesh's ambassador in China MahbubUz Zaman in Beijing and discussed investment plans in Bangladesh. If things go according to plan, the initial investment may hit around $1 billion and the focus will be given on printing and dyeing, pharmaceuticals and other chemical plants.

The group’s business covers dye, coating, pigment, medicine, veterinary, pesticide, photovoltaic, logistics, finance and real estate industries. It has more than 60 subsidiary companies. Its annual sales volume exceeds $10 billion with a profit of $500 million.

Fibre2Fashion News Desk (DS)

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June 2021

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