DHAKA, Aug 3, 2020 (BSS) – Bangladesh Economic Zones Authority (BEZA) will ink a land lease agreement with Jiangsu Yabang Dyestuff, China, a concern of the Yabang Investment Holdings Group Co Limited, at BEZA office in the city tomorrow morning.
The Yabang Investment Holdings Group Co Limited, a Chinese company that originally belongs to the Yabang group of China, has a plan to invest US$300 million in textile and other chemical industries.
The Yabang group, one of the top 500 Chinese companies, applied for 100 acres developed land on annual lease rental basis to set up textile and other chemical industries in Bangabandhu Sheikh Mujib Shilpa Nagar (BSMSN) at Mirsarai, Sitakundu and Sonagazi upazillas under Chattogram and Feni districts.
Prime Minister’s Office (PMO) Secretary Md Tofazzel Hossain Miah will be present at the agreement signing ceremony as the chief guest while Bangladesh Ambassador to China Mahbub Uz Zaman will join the function as the guest of honour.
Chairman of the Yabang Group Xu Xiaochu will join the function as the special guest while BEZA Executive Chairman Paban Chowdhury will preside over.
Talking to BSS, Paban Chowdhury said the ongoing global trade situation is favourable for Bangladesh and that is why the Chinese businesses are keen to invest in the country.
The investment of Yabang Group will help Bangladesh diversify its export basket as well as ensure technology transfer, he added.
He informed that the group has submitted conceptual master plan along with implementation plan in support of infrastructure development of the project.
They have also submitted ‘Environment Management Plan’ to address environmental issues of the project and this will be a 100 percent foreign owned project, he added.
Paban Chowdhury said that the group has also submitted three years audited balance sheet of the sponsor company certified by them and as per balance sheet, the sponsor company have sufficient fund as “Surplus Reserve” and “Undistributed Profits” to cover equity contribution of the proposed project.
He said the group is likely to create employment for 2,200 people and annual export will be around $146.40 million.
The amount of annual domestic sale of the group is likely to be $97.60 million, he added.
The Yabang Group is one of the leading companies in the chemical sector with present operating income exceeding 32 billion RMB ($4.5 billion) in China.
Its business covers dye, coating, pigment, medicine, veterinary, pesticide, photovoltaic, logistics, finance and real estate industries. It has more than 60 subsidiary (branch) companies.