South Korean Company Ms Jong Hyun Hi-Tech Industries Company Limited is going to establish a polyester staple fiber (PSF) manufacturing industry with an investment of US$ 6.0 million in Mongla Export Processing Zone (MEPZ).
To this end, Bangladesh Export Processing Zones Authority (BEPZA) on Wednesday signed an agreement with the company at a function at BEPZA Complex in the city, reports BSS quoting a press release.
The Executive Chairman of BEPZA Major General S M Salahuddin Islam witnessed the signing ceremony.
Member (Investment Promotion) of BEPZA Zillur Rahman and Managing Director of Jong Hyun Hi-Tech Min Soo Lee inked the agreement on behalf of their respective organizations.
The product, which will be produced in the factory, would be used as inner lining of jackets and raw materials of polyester yarn, that will be helpful for export oriented forward linkage industries in reducing lead-time.
The factory will give highest importance to avoid environmental pollution in manufacturing PSF.
This foreign owned company will produce annually 10,000 metric tonnes of polyester staple fiber and create employment opportunities for 313 Bangladeshi nationals.
Among others, BEPZA Secretary Md Nabirul Islam, General Manager (Public Relations) Nazma Binte Alamgir and General Manager (Investment Promotion) Md Tanvir Hossain were present on the occasion.