Recently, the first ever expansion investment outside the country, worth US $10 million from Nantong city was approved by the provincial foreign trade bureau.
The project named as Bangladesh Xingao textile Co Ltd will be setting up in Bangladesh with a capital of $500 thousand. Here, the Nantong Xingao Printing and Dyeing Corporation has invested $23 million.
The Textile and apparel industry is the backbone of Bangladesh with a cheap labor force and the country also enjoys preferential duties from both the US and Europe. Local government has encouraged foreign investment for its textile printing and dyeing industry and authorities at Nantong have decided to take the full advantage of this opportunity.
The Nantong Xingao Printing and Dyeing Corporation is a private enterprise in Nantong City with annual foreign sales of $20 million. After a through survey of Bangladesh market, the corporation decided to invest in the exported-oriented processing zone.
The Nantong textile and apparel industry with a firm base especially in the textile and dyeing sector, is setting up corporations in other countries to make it big in the international arena.
Fibre2fashion News Desk - China
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