This will create employment opportunities for 3,393 Bangladeshi nationals
Indian Sewtech Fashion Limited has signed an agreement with the Bangladesh Export Processing Zones Authority (BEPZA) to establish a readymade garments manufacturing factory in the Chittagong EPZ with an investment of $9.26 million.
Member (Engineering) of BEPZA Mohammad Faruque Alam and Director of Sewtech Fashion Limited Balagi Pavadai signed the agreement on Sunday at the BEPZA Complex in Dhaka on behalf of their respective organizations, said a press release.
Sewtech Fashion Limited is a sister concern of Shahi Exports — the largest apparel manufacturer of India.
This fully foreign-owned company will produce 3.36 million pieces of tops per year, creating employment opportunities for 3,393 Bangladeshi nationals.
BEPZA is receiving many investment proposals from both local and foreign investors even amid the pandemic, the release adds.
Among others, BEPZA Member of Finance Nafisa Banu, Secretary Md Zakir Hossain Chowdhury, and General Manager of Investment Promotion Md Tanvir Hossain were also present at the signing ceremony.