An UK-Bangladesh joint venture company is going to invest 15.5 million US dollars at Adamjee Export Processing Zone in the port city of Narayanganj, Bangladesh Export Processing Zones Authority (BEPZA) said on Sunday.
M/s Evergreen Cycles Limited will make the investment in order to establish a bicycle manufacturing industry there, it said in a press release.
The company will produce 2,00,000 pieces of adult bicycles, kids bicycles, and adult electronic bicycles per annum creating an employment opportunity for 71 Bangladeshi nationals, BEPZA said.
To this effect, according to the press release, both BEPZA and M/s Evergreen Cycles Limited recently signed an agreement at the BEPZA Complex.
Md. Mahmudul Hossain Khan, member (investment promotion) of BEPZA, and Sanaul Haque Babul, managing director of Evergreen Cycles Limited, inked the deal on behalf of their organisations.
BEPZA Executive Chairman Major General S M Salahuddin Islam, among others, was present during the signing ceremony.