3 top global textile firms tie up with local co to tap into Japan market

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A Bangladeshi top garment group has tied up with two leading Hong Kong-based textile firms and Japan's biggest clothing retailer to set up one of the largest integrated knitwear plants in the country.

The four-way joint venture is believed to be the largest foreign direct investment in the country's fast-booming knitwear sector, with Hong-Kong listed Pacific Textiles holding 42.33 stakes in the venture.

Analysts said the investment testifies Bangladesh's growing stature in world of garment trade at a time when top player China's reputation is at stake amid worsening global economic meltdown.

Hong Kong-based Crystal International, with annual turnover of around $800 million, and Fast Retailing, Japan's largest apparel retailer and the owner of Uniqlo stores, are the other foreign partners of the deal.

Trendit Corporation, the sister corporation of $70 million garment manufacturer Ananta Group, is the local partner of the deal although its officials are tightlipped on their stake in the venture.

"The total capital investment in the facilities is US$80 million, to be contributed by each party in proportion to their respective ownership in the joint venture," a statement by Pacific Textiles said.

"The first phase of the production facilities, including a fabric production factory, a power plant, water treatment facilities, a garment production factory and information technology systems, is expected to commence operation in 2010," the statement said.

"It is already operating a vertical cut and sewn knits manufacturing business," it added.

A senior official of Ananta refused to comment on the size of the stakes that each of the four partners was holding or how much the company intends to export.

The joint venture will also separately co-invest with Bros Eastern Company Limited, a top-dyed m