Chinese company Mingda (Bangladesh) New Material Co Ltd will invest $76.41 million in Bepza Economic Zone to produce different types of cotton product.

It is the highest amount of investment proposal that came from a single company among the ones who have signed agreements to establish factories inside Bepza EZ.

The list of products Mingda (Bangladesh) will produce includes imitation silk cotton, tile cotton, needle punched cotton, different types of artificial/manmade fabric, artificial fabrics, including geotextile, different hospital products, bags and packaging items, including geo-bag and non-woven bag.

Around 2,830 Bangladesh nationals will get employment opportunities in the factory, the Bangladesh Export Processing Zones Authority (Bepza) said in a statement.

Ali Reza Mazid, member for investment promotion at Bepza, and Huang Shangwen, director of Mingda (Bangladesh) New material Co Ltd, signed an agreement in this regard at Bepza Complex in Dhaka today.

"We will start construction of the factory very soon keeping in mind the safety and environmental issues and start production by the end of the year," said Shangwen.

"We have some factories in China and now we are going to set up factories in Bangladesh because of a wage hike in China."

He wished to expand Mingda's business in Bangladesh considering the success of this new project.

At the event, Major General Abul Kalam Mohammad Ziaur Rahman, executive chairman of Bepza, thanked Mingda (Bangladesh) for choosing Bangladesh as well as Bepza EZ as their investment destination.

For establishing a new factory inside the export processing zone, Bepza mainly emphasises on three things: product diversity, amount of investment and employment opportunity, Rahman said.

He urged Mingda (Bangladesh) to ensure optimum use of the land.

The Bepza has so far signed lease agreements with 21 companies of home and abroad to establish factories in Bepza economic zone and invest over $500 million, according to the statement.