China's Yabang Group is set to invest $300 million in establishing textile and chemical industries in Bangladesh's economic zone, a top official said.
The leading Chinese dye and paint manufacturer will establish industrial units on 100 acres at Bangabandhu Sheikh Mujib Shilpanagar (BSMSN), a flagship project of the Bangladesh Economic Zones Authority (BEZA).
"We've received an investment proposal from Yabang Investment to set up industrial units at BSMSN that is becoming an ideal destination for multinational companies," BEZA executive chairman Paban Chowdhury.
He identified development as a noteworthy example of BEZA's effort to woo foreign and local investment amid the ongoing pandemic. "We're continuing our endeavour to attract and facilitate investment defying challenges like the coronavirus pandemic," the BEZA chief told the FE on Sunday evening.