Lugang Technology (Bangladesh) Limited, a Hong Kong company is going to establish a textile industry in Ishwardi Export Processing Zone (IEPZ).  

This fully foreign-owned company will invest $22.99 million (equivalent to Tk 23.5 crore) where 3,182 Bangladeshi nationals will get employment opportunities, said a news release. 

The company will produce 5,100 tonnes of raw and dyed yarn annually.

Ali Reza Mazid, Member (Investment Promotion) of BEPZA, and Ding Feng, Vice General Manager of Lugang Technology (Bangladesh) Limited, signed an agreement to this effect on behalf of their respective ends at BEPZA Complex in Dhaka on Wednesday. 

BEPZA Executive Chairman Major General Abul Kalam Mohammad Ziaur Rahman witnessed the agreement signing ceremony.

Among others, Member (Engineering) Mohammad Faruque Alam, Member (Finance) Nafisa Banu, Executive Director (Administration) Md Zakir Hossain Chowdhury, Executive Director (Investment Promotion) Md Tanvir Hossain and Additional Executive Director (Public Relations) Anwar Parvez along with representatives of the enterprise were present during the signing ceremony.