Bangladesh is seeing a good amount of foreign investment pour in into the newly developing economic investment zones. Situating in the lucrative geopolitical location of the South Asian market, Bangladesh is working to establish 100 economic zones under Bangladesh Export Processing Zones Authority (BEPZA). And one of the largest economic zones in the region, the Bangabandhu Sheikh Mujib Shilpa Nagar is getting the most.
And recently, Yabang Investment Holdings Group Co, a concern of Yabang Group of China, has desired to invest $1bn in the economic zone. Chairman of Yabang Group Xiaochu Xu has met Bangladesh Ambassador to China Mahbub Uz Zaman at his office in Beijing and discussed investment plans in Bangladesh.
Recently Xiaochu Xu put forward the proposal and wanted 100 acres of developed land under an annual lease agreement, according to BEZA officials.
The investment is likely to generate employment for around 10000 persons.
Their focus is on printing and dyeing, pharmaceuticals and other chemical plants.
Xu was attended by Jianling Li, General Manager, Jiangsu Yabang Dyestuff Limited at the meeting held recently.
Yabang has also submitted an environmental management plan to address environmental matters of the project. This will be a project is owned by foreigners.
The group wants to take advantage of the global trade competitiveness, BEZA Chairman Paban Chowdhury expressed.
The Yabang Investment holding group is one of the three leading companies in the Chemical Sector and among the 500 top listed companies in China. It has More than 15,000 employees.
Yabang’s business covers dye, coating, pigment, medicine, veterinary, Pharma, pesticides, photovoltaics, logistics, finance and real estate industries. It has more than 60 subsidiaries (branch) companies.
The group’s annual sales volumes exceed $10 billion with a profit of $500 million.