Chinese company to set up first composite factory in Mongla EPZ
BI Desk || BusinessInsider
Chinese company M/s Yun Sheng BD Co Ltd is going to establish a composite (Textile, Garments and Accessories) industry in Mongla Export Processing Zone (Mongla EPZ).
This would be the first such kind of factory in Mongla EPZ, reports BSS.
Yun Sheng BD will invest US$ 89 million to produce fabrics, garments and garments accessories items. It would be the highest amount of proposed investment ever from a single company signed agreements to establish factories in Mongla EPZ.
An agreement was signed today between Bangladesh Export Processing Zones Authority (BEPZA) and Yun Sheng BD Co Ltd to this effect at BEPZA Complex in the city, said a press release.
Ali Reza Mazid, Member (Investment Promotion) of BEPZA and Ji Lai Yang, Managing Director of Yun Sheng BD signed the agreement on behalf of their respective organizations.
BEPZA Executive Chairman Major General Abul Kalam Mohammad Ziaur Rahman, ndc, psc witnessed the signing ceremony.
Yun Sheng BD will produce Woven/Knitted Fabrics, Padding, Quilting, Printing Fabrics, Embroidered Fabrics, Coated Fabrics, Laminated Fabrics, all kind of tape, Knit & Woven garments products etc.
This company will create employment opportunity for 5421 Bangladesh nationals.
Among others, Member (Engineering) Mohammad Faruque Alam, Executive Director (Administration) A N M Foyzul Haque, Executive Director (Investment Promotion) Md. Tanvir Hossain, Executive Director (Enterprise Services) Md. Khorshid Alam and Executive Director (Public Relations) A.S.M. Anwar Parvez along with representative of the enterprise were present during the signing ceremony.
The opening of the Padma Bridge has transformed Mongla EPZ as one of the best investment destinations to foreign and local investors. Once lagging behind the other seven EPZs of the country, Mongla EPZ has attracted investment of US$ 61 million, double the set target, in just ended fiscal year 2022-23.
BEPZA signed lease agreements with five companies including Yun Sheng BD ltd. with proposed investment of US$ 142.7 million to invest in Mongla EPZ after the opening of the Padma Bridge.