Chinese company to invest $28.20m in Uttara EPZ

Chinese company M/s. United Spinning and Dyeing Ltd. is going to invest US$ 28.20 million to set up a Dyed Textile Yarn manufacturing industry in Uttara EPZ.

Bangladesh Export Processing Zones Authority (BEPZA) on Monday signed an agreement with the company to this effect at BEPZA Complex in the city, reports BSS.

Ali Reza Mazid, Member (Investment Promotion) of BEPZA and Mr. Yu Min, Managing Director of United Spinning and Dyeing Ltd. signed the agreement on behalf of their respective organizations.

The Executive Chairman of BEPZA Major General Abul Kalam Mohammad Ziaur Rahman, ndc, psc witnessed the signing ceremony.

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 ton dyed textile yarn.

Among others, Member (Engineering) Mohammad Faruque Alam, Executive Director (Administration) A N M Foyzul Haque, Executive Director (Investment Promotion) Md. Tanvir Hossain, Executive Director (Enterprise Services) Md. Khorshid Alam and Executive Director (Public Relations) A.S.M. Anwar Parvez were present during the signing ceremony.