Two Chinese firms to invest $28.69m
Two Chinese companies are set to invest around Tk 244 crore, equivalent to $28.69 million, in Bangladesh for establishing manufacturing units for non-woven personal protective equipment (PPE), steel structural items and ready-mix concrete.
The duo will sign an agreement with Bangladesh Economic Zones Authority (Beza) tomorrow to take lease of land to set up the factories at Bangabandhu Sheikh Mujib Shilpa Nagar (BSMSN).
Beza Executive Chairman Paban Chowdhry termed the investment a "really encouraging" development during a pandemic and more so for its offer of import substitutes.
This exemplifies foreign investors' confidence built up through Beza's performance and government initiatives to create a business friendly environment, he said.
Chowdhury expects to hand over the land within six months for the factory construction to begin.
Some 10 acres will be availed by CCECC Bangladesh, a subsidiary of China Civil Engineering Construction Corporation (CCECC).
It will invest $15.97 million, equivalent to Tk 136 crore, and employ around 350 people in producing the construction items as "Mirsarai Fabrication".
Established in 1979 and headquartered in Beijing, the CCECC has long been considered one of the world's top 255 international contractors.
Its business spreads over 101 countries for international contracts over national infrastructure construction such as railways, highways, bridges, dredging, airport, buildings and port development and municipal works.
It also encompasses civil engineering design and consultancy, real estate development, trading, industrial investment and hotel management.
CCECC Bangladesh was formed in September 2019 to run a similar business model.
Meanwhile eight acres have been sought by Jeihong Medical Products (BD), a subsidiary of Kunshan Jiehong Nonwoven Product Company which produces fabrics, gowns, gloves and caps.
It will invest Tk 108 crore, equivalent to $12.72 million, to manufacture non-woven PPE products such as isolation gowns, scrub suites, lab jackets, disposable caps, shoe covers, and boot covers.