General

Adnan Fibre to invest $20.66 million for backward linkage industry at Ishwardi EPZ

Adnan Fibre Limited, a Bangladeshi company, will invest $20.66 million to establish a backward linkage industry in Ishwardi Export Processing Zone (IEPZ).

The company would produce 25,000 Metric Tons of Polyester Staple Fibre (PSF) per annum. Some 514 Bangladeshi nationals will get employment opportunities in this factory.

The company will produce PSF from the PET Flex (PET Bottle) which will be collected locally. This will ultimately help to prevent environmental pollution.

“It will be the first factory of its kind in IEPZ and just the second in all EPZs under BEPZA. BEPZA always encourages to establish backward linkage industries in EPZs that are basiclly import substitute products,” said a BEPZA official.

Bangladesh Export Processing Zones Authority (BEPZA) and Adnan Fibre Limited signed an agreement to this effect Sunday at BEPZA Complex in the capital.

Member (Investment Promotion) of BEPZA Ali Reza Mazid and Managing Director of Adnan Fibre Adnan Mehmood signed the agreement on behalf of their respective organizations.

The Executive Chairman of BEPZA Major General Abul Kalam Mohammad Ziaur Rahman, ndc, psc witnessed the signing ceremony.

Source: United News of Bangladesh