Chinese company Mingda (Bangladesh) New Material Co. Ltd. is going to invest US$ 76.41 million in BEPZA Economic Zone (EZ) for producing diversified products.
It is the highest amount of proposed investment from a single company that has signed an agreement to establish factories in BEPZA EZ, said a press release. The company today signed the agreement with Bangladesh Export Processing Zones Authority (BEPZA) to this effect at BEPZA Complex in the city. 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 organizations. BEPZA Executive Chairman Major General 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 emphasized 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, he added. 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 in mind 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 and Packaging Items including Geo-bag, Non-woven bag etc. Some 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.
Including Mingda (Bangladesh), BEPZA so far signed lease agreements with total 21 companies of home and abroad to establish factories in BEPZA EZ and their total proposed investment exceeded over US$ 500 million.