Indian company to invest $ 9.26mn in Chattogram EPZ
BI report || BusinessInsider
Indian company Sewtech Fashion has signed an agreement with Bangladesh Export Processing Zones Authority. Photo : Courtesy
Indian company Sewtech Fashion has signed an agreement with Bangladesh Export Processing Zones Authority to set up an apparel factory in Chattogram EPZ with an investment of US$ 9.26 million, said a press release.
Sewtech Fashion is a sister concern of India’s largest apparel manufacturer, Shahi Exports Private Ltd.
Member (Engineering) of BEPZA, Mohammad Faruque Alam and Director of Sewtech Fashion Limited, Balagi Pavadai signed the agreement Sunday at BEPZA Complex, Dhaka, on behalf of their respective organizations.
BEPZA is receiving many investment proposals from both local and foreign investors even amid the pandemic, said the release.
This fully foreign owned company will produce 3.36 million pieces of ladies, kids and men’s woven tops, annually. It will create 3,393 jobs for Bangladeshi nationals.
BEPZA Member (Finance) Nafisa Banu, Secretary Md Zakir Hossain Chowdhury and General Manager (Investment Promotion) Md Tanvir Hossain were also present at the signing ceremony.