Chinese company Bangladesh BaoRui Textile Co Limited will invest $19.53 million in Mongla export processing zone to establish a composite textile manufacturing industry, said a press release.
Bangladesh Export Processing Zones Authority member (investment promotion) Md Ashraful Kabir and Bangladesh BaoRui Textile managing director Huang Hua signed an agreement in this regard on Monday.
BEPZA executive chairman Major General Abul Kalam Mohammad Ziaur Rahman, among others, was present during the signing ceremony.
The Chinese company plans to produce 10 million pounds of raw yarn, 6 million pounds of knitted fabric and 1 million pieces of garments annually, creating employment opportunities for 1,505 Bangladeshi nationals.