The South Korea-based Youngone Industrial Group is going to establish its 16th industrial unit at the Dhaka Export Processing Zone investing $ 7 million to manufacture textile fabrics, official sources said.
The proposed textile unit is expected to manufacture 18 million metres of woven, polyester and nylon fabrics to deliver the produce to Youngone's own factories and to other forward linkage factories in the country, said a Bangladesh Export Processing Zones Authority press release, Tuesday.
'This unit will create employment opportunity for 500 Bangladeshi nationals,' it said, adding that the Group's investment has helped create 35,000 employments earlier.
The group also signed a lease agreement with the BEPZA. The BEPZA member (investment promotion) Prasanta Bhushan Barua and general manager of Youngone Synthetic Fibre Products Ltd, M Shahabuddin, signed the accord on behalf of their respective organisations.
The BEPZA executive chairman, Ashraf Abdullah Yussuf, and senior officials were also present at the signing programme.
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