Chinese company to invest $76.41m to produce diversified products in Bepza EZ

Chinese company Mingda (Bangladesh) New Material Co Ltd is going to invest $76.41 million in Bepza Economic Zone (EZ) for producing diversified products. It is the highest amount of proposed investment from a single company who have signed agreements to establish factories in Bepza EZ.

The company signed an agreement with Bangladesh Export Processing Zones Authority (Bepza) to this effect at Bepza Complex, Dhaka today (15 June), reads a press release.

Ali Reza Mazid, member (Investment Promotion) of Bepza and Huang Shangwen, director of Mingda (Bangladesh) New material Co Ltd signed the agreement on behalf of their respective organisations. Bepza Executive Chairman Maj Gen Abul Kalam Mohammad Ziaur Rahman witnessed the signing ceremony.

Bepza Executive Chairman thanked Mingda (Bangladesh) for choosing Bangladesh as well as Bepza EZ as their investment destination. He said that Bepza mainly emphasised on three things to establish a factory in EPZ –diversified products, amount of investment and employment.

He urged Mingda (Bangladesh) to start the construction of the factory as early as possible and requested for the optimum use of land.

Huang Shangwen, director of Mingda (Bangladesh) said that they have some factories in China. Now they are going to set up factories in Bangladesh due to increasing wages of the workers of China.

Shangwen said, they will mainly produce different types of artificial fabric. He wished to expand their business in Bangladesh considering the success of this project.

"We will start construction of the factory very soon keeping on mind of the safety & environmental issues and start production by the end of the year", he added.

Mingda (Bangladesh) will produce different cotton products including Imitation Silk Cotton, Tile Cotton, Needle Punched Cotton; different types of Artificial/Manmade Fabric, Artificial Fabrics including Geotextile; different Hospital products and Bags & Packaging Items including Geo-bag, Non-woven bag etc. 2830 Bangladesh nationals will get employment opportunity in the factory.

Among others, Member (Engineering) Mohammad Faruque Alam, Member (Finance) Nafisa Banu, Executive Director (Investment Promotion) Md Tanvir Hossain, Executive Director (Enterprise Services) Md Khorshid Alam and Project Director of Bepza EZ Mohammad Anamul Haque were present during the signing ceremony.

Mentionable that Including Mingda (Bangladesh), Bepza signed lease agreements with total 21 companies of home & abroad to establish factories in Bepza EZ and their total proposed investment exceeded over $500 million.