Chinese firm to invest $22m in BD for fashion and beauty factory

A Chinese company will invest US$22 million to establish a fashion and beauty products manufacturing facility at the Bangladesh Export Processing Zones Authority Economic Zone, reports UNB.
With a view to setting up the factory, Adeline Beauty Technology (Bangladesh) Company Ltd signed a land lease agreement with BEPZA at the BEPZA Complex in Dhaka on Wednesday.
BEPZA Executive Director (Investment Promotion) Md Tanvir Hossain and Adeline Beauty Technology (Bangladesh) Company Ltd Managing Director Hang Sun signed the agreement on behalf of their respective organisations.
Executive Chairman of BEPZA Major General Mohammad Moazzem Hossain witnessed the signing ceremony.
Under the agreement, Adeline Beauty Technology will manufacture a wide range of fashion hair and beauty products, including wigs, eyelashes and cosmetic nails.
The company plans to invest US$22 million in the project, which was expected to generate employment for approximately 4,170 Bangladeshi nationals.
The products will be primarily exported to major international markets such as the United States, Canada, the United Kingdom, Germany, France, Spain, Italy, the United Arab Emirates, Russia and Mexico, among others.
The project will strengthen Bangladesh's position in the fast-growing global beauty and personal care sector, which has seen steady demand in North America, Europe and the Middle East in recent years.