India’s Sewtech to invest $9.26m in Ctg EPZ

Staff Correspondent

Indian company Sewtech Fashion Limited is all set to invest $9.26 million in the readymade garment sector at the Chattogram Export Processing Zone.

Sewtech Fashion Director Balagi Pavadai and Bangladesh Export Processing Zones Authority Member Mohammad Faruque Alam signed an agreement in this regard in Dhaka on Sunday, says a BEPZA press release.

Sewtech Fashion Ltd is the sister concern of India’s largest apparel manufacturer company Shahi Exports Pvt Ltd. “This fully foreign-owned company will produce 3.36 million woven tops annually. They will create employment opportunity for 3,393 Bangladeshi nationals,” the statement said.

According to Bangladesh Bank data, in the year 2020, Indian investors made an investment of $134.59 million.

Out of the total amount, $40 million was invested in the power sector, $13 million in the banking sector while $10.70 million in textile and weaving sector.