United Spinning and Dyeing Limited, a Chinese company, is set to invest US $ 28.20 million in establishing a Dyed Textile Yarn manufacturing facility within the Uttara Export Processing Zone (EPZ).
An agreement to this effect was formalised between the company and the Bangladesh Export Processing Zones Authority (BEPZA) in Dhaka recently.
Representatives from both organisations, Ali Reza Mazid, Member (Investment Promotion) of BEPZA, and Yu Min, Managing Director of United Spinning and Dyeing, signed the agreement.
The signing ceremony was witnessed by Major General Abul Kalam Mohammad Ziaur Rahman, NDC, psc, the Executive Chairman of BEPZA.
Expressing gratitude, the Executive Chairman thanked United Spinning and Dyeing for selecting Uttara EPZ for their investment.
He also urged the company to consider diversifying their investments in the upcoming Jashore and Patuakhali EPZs.
Yu Min, representing the Chinese company, highlighted that this venture marks their inaugural project within an EPZ, with plans for additional investments in the future.
He expressed optimism about the facility commencing production by October of the coming year.
