A Chinese company, M/s Xingchen Textile Co Ltd, is set to invest $35.03 million to establish a textile industry in the Mongla Export Processing Zone, according to a press release.
The company will produce 20,000 tonnes of yarn and 12,000 tonnes of woven fabrics annually by recycling garment waste, commonly known as 鈥榡hut鈥�.
An agreement was signed in this regard between the Bangladesh Export Processing Zones Authority and Xingchen Textile Co Ltd at the BEPZA Complex in Dhaka on Sunday.
Md Ashraful Kabir, member (investment promotion) of BEPZA, and Chen Dehong, chairman of Xingchen Textile Co Ltd, signed the agreement on behalf of their respective organisations.
BEPZA executive chairman Major General Abul Kalam Mohammad Ziaur Rahman, among others, was present in the agreement signing ceremony.
