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).
Bangladesh Export Processing Zones Authority (BEPZA) on Monday signed an agreement with the company to this effect at BEPZA Complex in the city on Monday.
Ali Reza Mazid, Member (Investment Promotion) of BEPZA, and Yu Min, Managing Director of United Spinning and Dyeing Ltd, signed the agreement on behalf of their respective organisations.
BEPZA Executive Chairman Maj Gen Abul Kalam Mohammad Ziaur Rahman witnessed the signing ceremony.
The executive chairman thanked United Spinning and Dyeing Ltd for choosing Uttara EPZ for investment. Mentioning upcoming Jashore and Patuakhali EPZ, he requested to make a plan to invest there in diversified products.
Yu Min said that 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 next October.
United Spinning and Dyeing Limited will create employment opportunities for 1816 Bangladeshi nationals and produce annually 12,000 metric tonne dyed textile yarn.
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 were present during the signing ceremony.