Chinese company to invest $28.20m in Uttara EPZ
The company is expected to come into production within the next October and create jobs for 1,816 Bangladeshis
Chinese company M/s United Spinning and Dyeing Ltd is going to invest $28.20 million to set up a Dyed Textile Yarn manufacturing industry in Uttara Export Processing Zone (EPZ).
To this end, Bangladesh Export Processing Zones Authority (Bepza) signed an agreement with the company at Bepza Complex, Dhaka on Monday (20 November), reads a press release.
Ali Reza Mazid, member (investment promotion) of Bepza, and Yu Min, managing director of United Spinning and Dyeing Ltd, signed the agreement.
Keep updated, follow The Business Standard's Google news channel
Executive Chairman of Bepza Major General Abul Kalam Mohammad Ziaur Rahman witnessed the signing ceremony.
Yu Min, managing director of United Spinning and Dyeing Ltd, said it is their first project in EPZ and they have a plan to invest more.
He hoped that the company would come into production within the next October.
The Bepza Executive Chairman thanked United Spinning and Dyeing Ltd for choosing Uttara EPZ for investment. Mentioning upcoming Jashore and Patuakhali EPZs, he requested to make a plan to invest there in diversified products.
United Spinning and Dyeing Limited will create employment opportunities for 1,816 Bangladeshis and produce 12,000 tonnes of dyed textile yarn annually.
Member (Engineering) Mohammad Faruque Alam, Executive Director (Administration) A N M Foyzul Haque, Executive Director (Investment Promotion) Md Tanvir Hossain, Executive Director (Enterprise Services) Md Khorshid Alam and Executive Director (Public Relations) ASM Anwar Parvez were also present during the signing ceremony.
