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UK-Bangla joint venture to invest $15.5mn at Adamjee EPZ

Published at 03:45 pm November 1st, 2020

Evergreen Cycles Limited signs an agreement with Bangladesh Export Processing Zones Authority on 29 October, 2020 Courtesy

A total of 71 Bangladeshi nationals will get employment opportunities from the venture

UK-Bangladesh joint venture company Evergreen Cycles Limited is going to establish a bicycle manufacturing industry with an investment of $15.50 million in Adamjee Export Processing Zone.

This joint venture company will produce 200,000 units of adult bicycles, kids bicycles, and adult electric bicycles annually.

A total of 71 Bangladeshi nationals will get employment opportunities in the factory.

An agreement to this effect was signed between Bangladesh Export Processing Zones Authority (BEPZA) and Evergreen Cycles Limited in Dhaka on Thursday.

Md. Mahmudul Hossain Khan, member (investment promotion) of BEPZA and Sanaul Haque Babul, managing director of Evergreen Cycles Limited signed the agreement on behalf of their respective organizations. The Executive Chairman of BEPZA Major General S M Salahuddin Islam, BP, SPP, ndc, psc witnessed the signing ceremony.

Among others, member (engineering) Mohammad Faruque Alam, Secretary Md Zakir Hossain Chowdhury, General Manager (public relations) Nazma Binte Alamgir and General Manager (investment promotion) Md Tanvir Hossain of BEPZA was present at the signing ceremony.