Business Report :
M/s. Xingchen Textile Co. Ltd., a Chinese company, is set to invest US$ 35.03 million to establish a textile industry in the Mongla Export Processing Zone (Mongla EPZ). The company will produce 20,000 metric tons of yarn and 12,000 metric tons of woven fabrics annually by recycling garment wastage, commonly known as ‘Jhut’, said a press release. In the presence of BEPZA Executive Chairman Major General Abul Kalam Mohammad Ziaur Rahman an agreement was signed today between the Bangladesh Export Processing Zones Authority (BEPZA) and Xingchen Textile Co. Ltd. at the BEPZA Complex in the city. Md. Ashraful Kabir, Member (Investment Promotion) of BEPZA, and Mr. Chen Dehong, Chairman of Xingchen Textile Co. Ltd., signed the agreement on behalf of their respective organizations. This foreign investment is expected to create employment opportunities for 600 Bangladeshi nationals. Notably, Xingchen Textile Co. will be the second textile industry in Mongla EPZ to produce textile products using Jhut. The signing ceremony was attended by Mohammad Faruque Alam, Member (Engineering); A N M Foyzul Haque, Member (Finance); A.S.M. Zamshed Khondaker, Executive Director (Admin); Md. Tanvir Hossain, Executive Director (Investment Promotion); Md. Khorshid Alam, Executive Director (Enterprise Services); and A.S.M Anwar Parvez, Executive Director (Public Relations), along with representatives of the enterprise.