China will invest US$22m towards setting up a spinning and textile factory named “Asia Spinning and Textile Mills Limited” in Ishwardi EPZ in Pabna.
An agreement in this regard has been signed between Bangladesh Export Processing Zones Authority (BEPZA) and Asia Spinning and Textile Mills Limited in Dhaka on Tuesday at the BEPZA Complex, said a press release.
BEPZA member (Investment Promotion) Sayed Nurul Islam and Li Zhan Bin, Managing Director of Asia Spinning and Textile Mills Limited signed the agreement on behalf of their respective organisations.
The entirely foreign-owned plant is expected to have an annual production capacity of 19,000 tonnes of yarn and 6,000 yards of fabrics, added the release.
It is also estimated that the investment will create employment opportunities for 1,450 Bangladeshi nationals.
Major General Mohd Habibur Rahman Khan, among others, was present at the signing ceremony.
