DHAKA, Aug 07, 2020 (BSS) – Chairman of China’s Yabang Investment Holding Group Company Limited Xu Xiaochu said Bangladesh is the most suitable place for investment for global enterprises as it has a large population and huge market potential.
“It is the most suitable place for investment for global enterprises, especially for traditional industries. Now it is offering a historic opportunity for transferring the traditional industries from the world factory, (China),” he said at a recent function.
The Yabang Investment Holding Group Company Limited, one of the top 500 Chinese companies, has already inked a land lease agreement with Bangladesh Economic Zones Authority (BEZA) for 100 acres land 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.
Xu Xiaochu said the investment by Yabang Corporation in Bangladesh is a necessary choice as per the laws of global economic development.
“Ten years ago, the top executives of Yabang Group visited many times different countries and regions including Southeast Asia, South Asia, Africa and North Korea to choose investment and development bases for the second entrepreneurship of the enterprise,” he added.
Five years ago, he said, the company set its goal in Bangladesh and permanent staffs were sent to set up an office.
Xu Xiaochu said Bangladesh has a large population and huge market potential which is politically democratic and has good neighborly friendship.
“Its economy is developing rapidly. People aspire to live and work in peace and contentment. The country enjoys various economic policies’ support from the United Nations and countries with developed economies. The government and its people are united in their efforts and wish for development,” he added.
He said Bangladesh is the second largest exporter of garments in the world and its prospect is even broader.
“However, the supporting production capacities of weaving, printing and dyeing are seriously insufficient. In particular, there is almost no dye production. The investment by Jiangsu Yabang Dyestuff Corporation Limited, a concern of the Yabang Investment Holdings Group Co Limited, in Bangladesh has a great competitive advantage and advantage for development, both in providing the support for domestic needs in Bangladesh, promoting better and greater development of Bangladesh’s garment industry and in creating foreign exchange via export and increasing people’s employment,” he added.
He informed that Yabang Group has successful experience in cooperating with the Chinese government to establish “chemical and pharmaceutical park.”
“It has advantages in technology, market, capital, management and other aspects needed for park construction and industrial investment. It can make greater contributions to the development of economic parks in Bangladesh and to the attraction of traditional Chinese manufacturing industries,” he added.
He said the signing of land lease this time and the industry investment in the future will let us work together to realize the dream of “Golden Bengal” and yield results.
Yabang Investment Holding Group Co Limited is a large-scale comprehensive enterprise group that has grown up with China’s reform and opening-up. The company has six manufacturing industries including dyes, pigments, coatings, pharmaceuticals, veterinary drugs, and pesticides, and ten industries including real estate, mining, photovoltaics, and logistics. It has over 15,000 employers. The annual turnover of the group is over 7 billion US dollars. The production and sales volume of its main products ranks first in the world. The group has been listed on “China’s Top 500 Enterprises” for many years.
The group has a plan to invest US$300 million in textile and other chemical industries in the country.
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.