South Korea-based Youngone Industrial Group is going to establish its 16th industrial unit at Dhaka Export Processing Zone (DEPZ) by investing US$ 7 million to manufacture textile fabrics.
The proposed textile unit is expected to manufacture 18 million metres of woven, polyester and nylon fabrics, said a Bangladesh Export Processing Zones Authority (Bepza) press release yesterday.
"This unit will create employment opportunity for 500 Bangladeshi nationals," the release said, adding that the Group's investment has helped create 35,000 jobs so far.
The group also signed a lease agreement with the Bepza. 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 organisations.
BEPZA Executive Chairman Brig General Ashraf Abdullah Yussuf and senior officials were also present at the signing programme.