Tianford Bangladesh Textile Co Ltd will invest $19.59 million to set up a garments factory at Uttara Export Processing Zone (EPZ), according to a press release.
In its statement, the Bangladesh Export Processing Zones Authority (BEPZA) said the project is expected to create 3,254 jobs for locals.
To this end, the Hong Kong-based company signed a land lease agreement with BEPZA on 22 February at the BEPZA Complex in Dhaka.
BEPZA Executive Director (investment promotion) Md Tanvir Hossain signed on behalf of BEPZA while Tianford Bangladesh Textile Nominee Director Ge Zhenyu signed for the company.
BEPZA Executive Chairman Major General Mohammad Moazzem Hossain witnessed the signing. The factory will be built on 24,000 square metres of land.
The company will manufacture woven and knit garments, including bottoms, tops, shirts, jeans, jackets, T-shirts, polo shirts, sportswear, sweaters, hoodies and jerseys.
Annual production capacity is projected at 7 million pieces.
Products will be exported to the US, Canada, Japan, China, Australia, Brazil, the UK and European countries, BEPZA said.
Major General Mohammad Moazzem Hossain said BEPZA remains committed to providing seamless and business-friendly services to ensure successful implementation of the project.
He said the government is focusing on promoting investment and strengthening investor services.
He encouraged the company to source quality raw materials locally where feasible to support domestic industries.
Ge Zhenyu said construction will begin in April and exports are expected to start next year.
The ceremony was attended by BEPZA Member (engineering) Abdullah Al Mamun, Member (finance) ANM Foyzul Haque, Executive Director (administration) Samir Biswas and Executive Director (public relations) ASM Anwar Parvez, along with senior officials and company representatives.
