Chinese company Senxin BD Co. Ltd. is set to invest US$ 10.81 million to establish a manufacturing plant for LED bulbs and packaging materials at Mongla Export Processing Zone (Mongla EPZ).
An agreement was signed on Thursday at the BEPZA Complex in Dhaka between the Bangladesh Export Processing Zones Authority (BEPZA) and Senxin BD Co. Ltd.
Member (Investment Promotion) of BEPZA Md. Ashraful Kabir and Chairman of Senxin BD Wu Changqin inked the deal on behalf of their respective organizations.
Executive Chairman of BEPZA Major General Abul Kalam Mohammad Ziaur Rahman witnessed the signing ceremony, according to a press release.
Under the new venture, Senxin BD will produce a wide range of LED lighting products including bulbs, street lights, spotlights, panel lights, solar street lights, explosion-proof lamps, floodlights, strip lights, along with packaging items such as cartons and polybags.
The company is expected to create employment opportunities for 717 Bangladeshi nationals.
Welcoming the investment, BEPZA’s Executive Chairman said: “While the readymade garment sector continues to play a vital role in our economy, BEPZA is working to attract and facilitate diversified industries.”
He said that Senxin BD’s investment reflects growing investor confidence in our EPZs.
“We will extend all necessary support for their successful operations,” he added.