Dhaka, Bangladesh (BBN)- Asia Spinning and Textile Mills Limited, a Chinese company will set up a spinning and textile industry at Ishwardi Export Processing Zone located in the country’s north-western Pabna district with investing US$22 million.

The fully foreign-owned company is set to create employment opportunity for 1,450 Bangladeshi nationals with annual production capacity of 19,000 tonnes of yarn and 6,000 yards of fabrics, according to officials.

An agreement to this effect was signed between the Bangladesh Export Processing Zones Authority (BEPZA) and M/s. Asia Spinning and Textile Mills Limited at BEPZA Complex in the capital Dhaka on December 17.

Sayed Nurul Islam, member of the BEPZA and Li Zhan Bin, managing director of M/s. Asia Spinning and Textile Mills Limited signed the agreement on behalf of their respective organisations.

The BEPZA is the official organ of the government to promote, attract and facilitate foreign investment in the EPZs of the country. The primary objective of an EPZ is to provide special areas where potential investors would find a congenial investment climate, free from cumbersome procedures.
There are eight EPZs in Bangladesh, namely, Chittagong, Dhaka, Mongla, Ishwardi, Comilla, Uttara, Adamjee, and Karnaphuli.

BBN/SSR/AD-21Dec13-3:56 pm (BST)