Chinese firm to set up $7.6m API factory in Bangladesh

A Chinese company is going to invest $7.6 million to establish a factory inside Bangladesh Export Processing Zones Authority (Bepza) Economic Zone to manufacture active pharmaceutical ingredients (API).

This investment by Crescent Hi Tech Co Ltd is expected to create employment for around 2,000 Bangladeshi workers.

Bepza Economic Zone is situated in Bangabandhu Sheikh Mujib Shilpa Nagar in Chattogram's Mirsarai, around 200 kilometres southeast of capital Dhaka.

So far, 25 enterprises, including the Crescent, have gained approval to establish industries inside the zone. Their investment proposals amount to over $500 million.

Ali Reza Mazid, member (investment promotion) of Bepza, and Xie Weimin, chairman of the Crescent, signed an agreement at Bepza Complex in Dhaka today.

"Bepza gives highest priority on product diversification to reduce single dependency on textile and garment products by supporting other industries to expand the export basket," said Bepza Executive Chairman Maj Gen Abul Kalam Mohammad Ziaur Rahman.

The factory's construction will start very soon and the products will be exported directly to the US, said Weimin.

Bepza executive directors ANM Foyzul Haque, Md Khorshid Alam and ASM Anwar Parvez and investment consultant AZM Azizur Rahman were present at the signing ceremony.