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India’s Sewtech Fashion to invest $9.26m in Bangladesh


Desk Report: Indian based firm Sewtech Fashion Limited, a sister concern of India’s largest apparel manufacturer company Shahi Exports Pvt Ltd, is investing $9.26 million  at Chattogram Export Processing Zone in Bangladesh.

Photo: BEPZA

Photo: BEPZA

According to BEPZA press release, on 18 July , the agreement to invest in the readymade garment sector was signed by Balagi Pavadai, director of Sewtech Fashion, and Mohammad Faruque Alam, of the Bangladesh Export Processing Zones Authority.

The company, which will be fully foreign-owned, will make about 3.36 million pieces of woven tops and create new employment opportunities for 3,393 Bangladeshis, BEPZA said. BEPZA said it is receiving investment proposals from local and foreign investors despite the pandemic.

Among others, Member (Finance) Nafisa Banu, Secretary Md. Zakir Hossain Chowdhury and General Manager (Investment Promotion) Md. Tanvir Hossain of BEPZA were present at the signing ceremony.