With an estimated US $ 17 million investment, SIM Group subsidiary Sim Fabrics Ltd. plans to open a denim manufacturing facility in the Jamalpur Economic Zone.
Sim Fabrics and the Bangladesh Economic Zones Authority (Beza) signed an agreement at the Beza office in the city, to formalise this initiative.
As per the agreement, Beza will give Sim Fabrics Ltd. five acres of land in the economic zone.
Both Md. Mozaffar Hossain, managing director of Sim Fabrics, and Md. Mozibor Rahman, an executive member (investment development) of Beza, signed the contract. Dr. MD Sarwar Bari, executive chairman of Beza, oversaw the signing ceremony.
According to a Beza press release, the new factory is expected to create employment opportunities for 250 people. The primary focus of the investment will be on setting up the denim manufacturing plant, alongside the construction of administrative buildings and other essential facilities on the allotted land.
Earlier, Sim Fabrics developed a composite industry including woven, towel, and textile on about 20 acres of land in Rupganj, Narayanganj, and 5,000 jobs have been created as a result.
Sim Fabrics Managing Director Mozaffar Hossain said if all service-related facilities are confirmed, the company is eager to commence construction work promptly.
In this, the company plans to transition from being solely a fabric manufacturer to becoming an exporter of a complete range of fashion products, he added.
Beza Executive Chairman Sarwar Bari expressed optimism, noting that the director of Sim Fabrics would “enrich the new venture with his experience.” He also urged the company to begin its operations as soon as possible.
The Jamalpur Economic Zone is expected to encompass 436 acres in total, according to sources. It is anticipated that the zone will immediately generate employment possibilities for about 32,000 individuals upon its full implementation. The zone is appropriate for several businesses, including light engineering, apparel, and agro-based industries, according to the feasibility study report.
Thus far, Beza has inked land lease contracts in this economic zone with twenty different companies. The area has already seen the completion of land development, a groundwater reservoir, a boundary wall, administrative and dormitory buildings, a gas connection line and a 33/11 KVA power substation.
