Asia Spinning and Textiles Ltd, a Chinese textile firm will invest $ 22 million for the establishment of a new spinning and textile factory in the Ishwardi Export Processing Zone (EPZ) located at Pabna in Bangladesh.
The Chinese firm has signed an agreement with the Bangladesh Export Processing Zones Authority (BEPZ) for setting up the plant at the EPZ, says a press release.
The textile plant would have an annual production capacity of 19,000 tons of yarn, and 6,000 yards of fabric, and would also create 1,450 employment opportunities in the EPZ.
(BEPZA) is the official organ of the Bangladeshi Government to promote, attract and facilitate foreign investment in the EPZs of the country. The primary objective of an EPZ is to provide special areas where potential investors would find a congenial investment climate, free from cumbersome procedures.
There are eight EPZs in Bangladesh, namely, Chittagong, Dhaka, Mongla, Ishwardi, Comilla, Uttara, Adamjee, and Karnaphuli.
About 58 percent of units in these EPZs have 100 percent foreign ownership, 28 percent are 100 percent local ventures, and the remaining 14 percent are joint ventures.