Chinese investors Jiangsu Yabang Dyestuff a Chinese investment conglomerate is going to invest US$ 300 million to set a textile-chemical factory at Mirsarai, Bangabandhu Sheikh Mujib Shilpa Nagar (BSMSN).

The Jiangsu Yabang Dyestuff Wednesday, August 05 took 100 acres land lease by signing an lease agreement with Bangladesh Economic Zones Authority (BEZA) at BEZA office in the city.

The Yabang group, one of the top 500 Chinese companies, applied for 100 acres developed land on annual lease rental basis to set up textile and other chemical industries in Bangabandhu Sheikh Mujib Shilpa Nagar (BSMSN) at Mirsarai, Sitakundu and Sonagazi upazillas under Chattogram and Feni districts.

The group has submitted conceptual master plan along with implementation plan in support of infrastructure development of the project.

They have also submitted ‘Environment Management Plan’ to address environmental issues of the project and this will be a 100 percent foreign owned project.

The group has also submitted three years audited balance sheet of the sponsor company certified by them and as per balance sheet, the sponsor company have sufficient fund as “Surplus Reserve” and “Undistributed Profits” to cover equity contribution of the proposed project.

The group is likely to create employment for 2,200 people and annual export will be around USD 146.40 million. The amount of annual domestic sale of the group is likely to be USD 97.60 million.

The Yabang Group is one of the leading companies in the chemical sector with present operating income exceeding RMB 32 billion (USD 4.5 billion) in China.

Its business covers dye, coating, pigment, medicine, veterinary, pesticide, photovoltaic, logistics, finance and real estate industries. It has more than 60 subsidiary (branch) companies.

Prime Minister’s Office (PMO) Secretary Md Tofazzel Hossain Miah attended the agreement signing ceremony as the chief guest while BEZA Executive Chairman Paban Chowdhury was in the chair.

Chairman of the Yabang Group Xu Xiaochu joined the function as the special guest through online while Bangladesh Ambassador to China Mahbub Uz Zaman joined it as the guest of honour.