Sewtech Fashion Limited, a subsidiary of Shahi Exports Private Limited, one of the largest garment manufacturers in neighbouring India, is going to set up a garment factory at Chittagong EPZ with an investment of $9.26 million.
This fully foreign-owned company will produce annually 3.36 million pieces of ladies, kids and men's woven tops. It will employ about 3,500 workers.
To this end, Sewtex Fashion signed an agreement with the Bangladesh Export Processing Zone Authority (Bepza) on Sunday.
Member of Bepza Mohammad Faruque and director of Sewtech Fashion Limited Balagi Pavadi signed the agreement at Bepza complex, Dhaka on behalf of their respective organisation. Among others, member Nafisa Banu, secretary Md Zakir Hossain Chowdhury and General Manager Md Tanvir Hossain were present at the signing ceremony.
According to Bepza sources, investments in the country's EPZs amounted to $5.6 billion by 21 June. Of these, 167 are garment factories, with an investment of $2.3 billion. There are also 34 textile mills, with an investment of about $73 million. Apart from this, there are 88 garment accessories and 26 knitting and other textile factories.
There are 97 foreign-invested garment factories in EPZs. Of these, 77 are fully foreign investments and 20 are joint ventures. Besides, there are four Indian investment companies in the garment sector.