Chinese investors to set up $22m spinning, textile plant

China is set to invest $22 million by establishing Asia Spinning and Textile Mills' production plant at Ishwardi Export Processing Zone.
The company under full foreign ownership will create jobs for 1,450 Bangladeshis, Bangladesh Export Processing Zones Authority said in a statement yesterday.
The plant will have production capacity of 19,000 tonnes of yarn and 6,000 yards of fabric.
Sayed Nurul Islam, a member of Bepza, and Li Zhan Bin, managing director of Asia Spinning and Textile Mills, signed the agreement in Dhaka.