India to invest $9.26m in Chattogram EPZ
Indian company M/s Sewtech Fashion Limited has signed an agreement with Bangladesh Export Processing Zones Authority (BEPZA) to establish a Readymade Garments manufacturing industry in Chattogram EPZ with an investment of $ 9.26 million.
Sewtech Fashion Limited is a sister concern of India's largest apparel manufacturer company Shahi Exports Pvt Ltd, says a press release.
Member (Engineering) of BEPZA Mohammad Faruque Alam and Director of Sewtech Fashion Limited Balagi Pavadai signed the agreement on Sunday at BEPZA Complex, Dhaka on behalf of their respective organizations.
It may be mentioned that BEPZA is receiving many investment proposals from both local and foreign investors even amid the pandemic.
This fully foreign owned company will produce annually 3.36 million pieces of ladies, kids and men's woven tops. They will create employment opportunity for 3393 Bangladeshi nationals.
Among others, Member (Finance) Nafisa Banu, Secretary Md. Zakir Hossain Chowdhury and General Manager (Investment Promotion) Md. Tanvir Hossain of BEPZA were present at the signing ceremony.