Lugang Technology (Bangladesh) Limited, a Hong Kong (China) owned company, is going to establish a textile industry in the Ishwardi Export Processing Zone (IEPZ).
The fully foreign-owned company will invest $22.99 million, where 3,182 Bangladesh nationals will get employment opportunities. The company will produce 5,100 tonnes of raw and dyed yarn annually, according to a press release.
In this regard, an agreement was signed between the Bangladesh Export Processing Zones Authority (BEPZA) and Lugang Technology (Bangladesh) Limited on Wednesday.
BEPZA Member (Investment Promotion) Ali Reza Mazid and Lugang Technology Vice General Manager Ding Feng signed the deal on behalf of their respective organisations at BEPZA Complex in Dhaka.
BEPZA Executive Chairman Maj Gen Abul Kalam Mohammad Ziaur Rahman was also present at the agreement signing ceremony.
Among others, BEPZA Member (Engineering) Mohammad Faruque Alam, Member (Finance) Nafisa Banu, Executive Director (Administration) Md Zakir Hossain Chowdhury, Executive Director (Investment Promotion) Md Tanvir Hossain and Additional Executive Director (Public Relations) Anwar Parvez along with representatives of the enterprise were present during the signing ceremony.
