Chinese company United Spinning & Dyeing Ltd is going to invest $28.2 million to set up a dyed textile yarn manufacturing industry at Uttara Export Processing Zone in Nilphamari.

Yu Min, director of United Spinning & Dyeing Ltd Managing, said it is their first project in EPZ and they have a plan to invest more.

He hoped that the company would come into production within next October.

The company will produce annually 12,000 tonnes of dyed textile yarn and generate at least 1,816 job opportunities for Bangladeshis, according to a press release.

To this effect, Bangladesh Export Processing Zones Authority (Bepza) signed an agreement with the company at Bepza Complex in Dhaka today.

Bepza Investment Promotion Member Ali Reza Mazid and United Spinning & Dyeing Ltd Managing Director Yu Min signed the agreement in the presence of Bepza Executive Chairman Major General Abul Kalam Mohammad Ziaur Rahman.