BEZA, Yabang Group sign land lease agreement
Bangladesh Economic Zones Authority (BEZA) on Tuesday signed a land lease agreement with Jiangsu Yabang Dyestuff of China, which is a subsidiary of Yabang Investment Holdings Group Co Limited, at BEZA office in the city for 100 acres developed land.
Prime Minister's Office (PMO) Secretary Md Tofazzel Hossain Miah attended the agreement signing ceremony as chief guest while BEZA Executive Chairman Paban Chowdhury was in the chair.
Chairman of the Yabang Group Xu Xiaochu joined the function as special guest through online conference while Bangladesh Ambassador to China Mahbub Uz Zaman joined it as the guest of honour.
BEZA Executive Member (Planning and Development) Irfan Sarif and Deputy Director of the Yabang Investment Holding Group Wei Zhu inked the agreement on behalf of their respective sides.
Tofazzel Hossain Miah on this occasion praised Yabang Group for the investment in BEZA estate and said the government under the leadership of Prime Minister Sheikh Hasina remains committed to provide all sorts of support to the Foreign Direct Investment (FDI).
"We are committed to provide all sorts of supports to investors. We are making much more reforms. We are providing good investment friendly incentive comparing the other neighboring countries. By now, many foreign direct investments are taking place in Bangladesh," he added.
Paban Chowdhury said the ongoing global trade situation is favourable for Bangladesh and that is why the Chinese businesses are keen to invest in the country. The investment of Yabang Group will help Bangladesh diversify exports and ensure technology transfer.
The Yabang Investment Holdings Group Co Limited, a Chinese company that originally belongs to the Yabang group of China, has a plan to invest US$300 million in textile and other chemical industries.
The Yabang group, one of the top 500 Chinese companies, applied for 100 acres developed land on annual lease rental basis to set up textile and other chemical industries in Bangabandhu Sheikh Mujib ShilpaNagar (BSMSN) at Mirsarai, Sitakundu and Sonagazi upazillas under Chattogram and Feni districts.
The group has submitted conceptual master plan along with implementation plan in support of infrastructure development of the project. They have also submitted 'Environment Management Plan' to address environmental issues of the project and this will be a 100 percent foreign owned project.
The group is likely to create employment for 2,200 people and annual export will be around $146.40 million. Domestic sale is likely to be $97.60 million.
The Yabang Group is one of the leading companies in the chemical sector with present operating income exceeding 32 billion RMB ($4.5 billion) in China. Its business covers dye, coating, pigment, medicine, veterinary, pesticide, photovoltaic, logistics, finance and real estate industries.