Bangladesh BaoRui Textile Co. Ltd., a Chinese company, is set to invest US $19.53 million in Mongla Export Processing Zone (Mongla EPZ) to set up a composite textile manufacturing industry.
The Bangladesh Export Processing Zones Authority (BEPZA) signed an agreement with the company on Monday at the BEPZA Complex in Dhaka.
BEPZA Executive Chairman Major General Abul Kalam Mohammad Ziaur Rahman, BSP, ndc, psc, witnessed the signing ceremony, where Member (Investment Promotion) of BEPZA Md. Ashraful Kabir and Managing Director of Bangladesh BaoRui Textile Co. Ltd. Huang Hua signed the agreement on behalf of their respective sides.
The Chinese company plans to produce 10 million lbs of raw yarn, 6 million lbs of knitted fabric, and 1.0 million pieces of garments annually, creating employment opportunities for 1505 Bangladeshi nationals.
BEPZA Executive Chairman thanked Bangladesh BaoRui Textile for choosing Mongla EPZ as their investment destination, highlighting BEPZA's commitment to providing a secure and supportive environment for investors.
He encouraged the company and other Chinese investors to consider further investments in diverse sectors, including pharmaceuticals, solar panels, man-made fibers, etc, according to a press release.