Sewtech Fashion to invest $9.26 million in Chattogram Export Processing Zone
Garment manufacturing business Sewtech Fashion has signed an agreement with Bangladesh Export Processing Zones Authority to invest $9.26 million (Rs 61.6 crore) in Chattogram Export Processing Zone.
Sewtech Fashions signed the agreement in Dhaka on July 18 at the BEPZA complex, the business announced in a press release. The agreement was signed between Sewtech Fashion director Balagi Pavadai and BEPZA member Mohammad Faruque Alam.
The investment will be used to establish a readymade garments manufacturing factory in Chattogram Export Processing Zone which will be fully foreign-owned. The establishment of the factory will provide 3,393 jobs for Bangladeshi nationals, according to Sewtech Fashion.
Sewtech Fashion is part of Shahi Exports Pvt, one of India’s largest apparel manufacturers. The business aims to increase its garment production capacity through its investment in the Chattogram Export Processing Zone and produce 3.36 million pieces of clothing including woven tops for men, women, and children.
BEPZA announced that, despite the pandemic, it has been receiving investment proposals from both local and foreign investors. The Bangladeshi garment industry is one of India’s main competitors in the sector and the Union Ministry of Textiles has previously encouraged collaboration between the two nations.
Copyright © 2021 FashionNetwork.com All rights reserved.