Maksons Group to invest $112m to set up textile, chemical industries

Maksons Group will invest US $112 million to set up three textile and chemical industries at the Bangabandhu Sheikh Mujib Shilpa Nagar at Mirsarai of Sitakundu in Chattogram.

The proposed export-oriented industries namely Metro Spinning Ltd, Maksons Spinning Mills Ltd and Maksons Spinning Mills Ltd Unit-2 will be set up over 30 acres of land that can generate around 4,000 employments directly and indirectly.

To this effect, the Maksons Group on Monday signed three land lease agreements with the Bangladesh Economic Zones Authority (BEZA) at a ceremony at a city hotel.

BEZA Executive Member Abdul Mannan and Metro Spinning Ltd Managing Director Md Showkot Ali and Maksons Spinning Mills Ltd Managing Director Md Ali Khokon inked the land lease agreements on behalf of their respective sides.

BEZA Executive Chairman Paban Chowdhury and its Executive Member Md Harunur Rashid, among others, were present at the signing ceremony. 

As per the agreement, the proposed industrial units will manufacture different categories and value added yarn, fabric and chemical.

Addressing the programme, Mr Paban Chowdhury said Bangladesh has become a role model for creating investment-friendly atmosphere through establishing the economic zones.

Despite the pandemic, many investors have expressed their keen interest in investing here, he said adding they are canceling many investment proposals due to shortage of sufficient land compared to demands. 

Mr Khokon, also president of Bangladesh Textile Mills Association (BTMA), in his speech said the three units will invest more than US$ 100 million to produce value added yarn and fabric.

About US$ 100 million to 150 million of textile goods will be exported annually, he added.