Chinese company will invest 30 million dollars in yarn factory: News Online

Chinese company United Spinning and Dyeing Limited will set up a factory in Bangladesh to produce dyed yarn. This product will later be exported to various countries. For this, the company will set up a factory in the Uttara Export Processing Zone (EPZ) of Nilphamari.

An agreement was signed at the Bangladesh Export Processing Zone Authority (BEPZA) office in the capital last Monday. Bepza Member (Investment Development) Ali Reza Majid and Managing Director of United Spinning and Dyeing Ltd. U Min signed the agreement on behalf of their respective organizations.

At that time, Bepza executive chairman Abul Kalam Mohammad Ziaur Rahman, member Mohammad Farooq Alam, executive director ANM Faizul Haque, Md. Tanvir Hossain, Md. Khurshid Alam and ASM Anwar Parvez were present.

At the contract signing ceremony, Bepza Executive Chairman Abul Kalam Mohammad Ziaur Rahman said that they will set up Patuakhali and Jessore EPZs as soon as possible. He called for investment in the production of diversified products in these two EPZs.

United Spinning and Dyeing Company will invest 2 crore 82 lakh US dollars or about 311 crore 61 lakh taka (110 taka 50 paise per dollar) in setting up the factory. And about 1 thousand 816 Bangladeshi citizens will be employed here. The company will produce 12 thousand tons of dyed textile yarn annually.

U Min, Managing Director of United Spinning and Dyeing Limited, said that this is their first investment in an EPZ in Bangladesh. He thinks that production can be started in this factory by next October.

The head of this Chinese company also said that they have plans to invest more in Bangladesh in the future.