Chinese firm proposes $300m investment in Bangabandhu Industrial City

  • Faysal Atik,
    Published: 2020-07-27 03:53:27 BdST

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Yabang Investment Holdings Group Co Ltd, a Chinese firm, has proposed to build plants at Bangabandhu Industrial City in Chattogram’s Mirsarai.

The company wants to launch an export-oriented industry by leasing 100 acres of land with an investment of $300 million, said Paban Chowdhury, the executive chairman of Bangladesh Economic Zone Authority or BEZA.

Yabang had submitted the final investment proposal recently after talks lasting around a year, Paban said.

The authorities are expected to sign an agreement with Yabang after Eid-ul-Azha, he added.

The estimated annual export target from the Yabang unit is $146.40 million while the estimated sale target in the domestic market is $97.60 million.

The authorities expect the investment will create at least 2,200 jobs.

Yabang Group, the Chinese giant in dyeing and paints industry, has investments in pigments, pharmaceuticals, veterinary drugs, pesticides, photovoltaics, mining, logistics, finance and real estates as well.

Its annual operational earning is $4.5 billion.

The company will manufacture products like dyes and paints, pigments, pharmaceuticals, veterinary medicines, pesticides and photovoltaics in Bangladesh.

It wants to begin working on its project in January next year. Products manufactured under the project will be exported to Europe and America.

Mirsarai houses the largest economic zone of the country on 30,000 acres of land.

India, Japan and many other countries have also invested in the zone.