Chinese company to invest $89m to set up first composite factory in Mongla EPZ
The company will create employment opportunities for over 5,000 Bangladeshi nationals.
Chinese company Yun Sheng BD Co Ltd is going to establish a composite (textile, garments and accessories) factory in Mongla Export Processing Zone (Mongla EPZ). This would be the first such kind of factory in Mongla EPZ.
The company will invest $89 million to produce fabrics, garments and garments accessories items. It would be the highest amount of proposed investment ever from a single company that signed agreements to establish factories in Mongla EPZ, said a press release.
An agreement was signed between Bangladesh Export Processing Zones Authority (BEPZA) and Yun Sheng BD Co Ltd to this effect at BEPZA Complex in Dhaka on Monday (4 December).
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Ali Reza Mazid, member (Investment Promotion) of BEPZA and Ji Lai Yang, managing director of Yun Sheng BD signed the agreement on behalf of their respective organisations.
BEPZA Executive Chairman Major General Abul Kalam Mohammad Ziaur Rahman witnessed the signing ceremony.
Yun Sheng BD will produce woven/knitted fabrics, padding, quilting, printing fabrics, embroidered fabrics, coated fabrics, laminated fabrics, all kinds of tape, knit and woven garments products etc. This company will create employment opportunities for 5,421 Bangladeshi nationals.
Among others, Member (Engineering) Mohammad Faruque Alam, Executive Director (Administration) ANM Foyzul Haque, Executive Director (Investment Promotion) Md Tanvir Hossain, Executive Director (Enterprise Services) Md Khorshid Alam and Executive Director (Public Relations) ASM Anwar Parvez along with representatives of the enterprise were present during the signing ceremony.
The opening of the Padma Bridge has transformed Mongla EPZ as one of the best investment destinations for foreign and local investors. Once lagging behind the other seven EPZs of the country, Mongla EPZ has attracted investment of $61 million, double the set target, in just ended fiscal year 2022-23.
BEPZA signed lease agreements with five companies including Yun Sheng BD ltd with a combined proposed investment of $142.7 million to invest in Mongla EPZ after the opening of the Padma Bridge.
At present around 15,000 Bangladeshi nationals are working in the 31 operational industries of Mongla EPZ. The zone has so far attracted investment of $205 million and exported goods worth $1169 million.
