Tianford Bangladesh Textile Co., Ltd., a China (Hong Kong)-based company, has signed a land lease agreement with the Bangladesh Export Processing Zones Authority (BEPZA) to establish a garment manufacturing facility at Uttara Export Processing Zone (EPZ), with an investment of US$19.59 million.
The project is expected to create employment opportunities for 3,254 Bangladeshi nationals, said a press release.
The agreement was signed on Sunday at the BEPZA Complex in Dhaka. Md Tanvir Hossain, Executive Director (Investment Promotion) of BEPZA, signed on behalf of the authority, while Ge Zhenyu, Nominee Director of Tianford Bangladesh Textile Co., Ltd., signed on behalf of the investing company.
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BEPZA Executive Chairman Major General Mohammad Moazzem Hossain witnessed the signing ceremony.
According to BEPZA officials, the company will establish the factory on 24,000 square metres of land at Uttara EPZ.
The facility will manufacture a wide range of woven and knit garments, including bottoms, tops, shirts, jeans, jackets, T-shirts, polo shirts, sportswear, sweaters, hoodies and various types of jersey products.
The factory is expected to have an annual production capacity of approximately seven million pieces.
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Its products will be exported to major international markets including the United States, Canada, Japan, China, Australia, Brazil, the United Kingdom and European countries.
Welcoming the investment, BEPZA Executive Chairman Major General Mohammad Moazzem Hossain reaffirmed the authority’s commitment to ensuring seamless services and maintaining a business-friendly environment to support successful implementation of the project.
Ge Zhenyu expressed satisfaction with BEPZA’s investor-friendly initiatives and voiced confidence in Bangladesh as an increasingly attractive destination for foreign investors.
He said construction of the factory is scheduled to begin in April this year, with exports expected to commence next year.