Chinese company Huarun Tex Co. Ltd. is set to invest $30 million to establish a textile manufacturing factory at the Bangladesh Export Processing Zones Authority (BEPZA) Economic Zone in Mirsharai of Chattogram.

Once fully operational, the factory will produce 24,000 tonnes of yarn and 20 million metres of grey woven fabric annually, while creating employment opportunities for 580 Bangladeshi nationals, said a press release.

A land lease agreement was signed between BEPZA and Huarun Tex Co. Ltd. at the BEPZA Complex in Dhaka recently.

Md Tanvir Hossain, Member (Investment Promotion) of BEPZA, and Bin Wang, Managing Director of Huarun Tex Co. Ltd., signed the agreement on behalf of their respective organisations.

BEPZA Executive Chairman Major General Mohammad Moazzem Hossain witnessed the signing ceremony.

Speaking on the occasion, the BEPZA Executive Chairman thanked Huarun Tex Co. Ltd. for selecting Bangladesh, particularly the BEPZA Economic Zone, as its investment destination.

He said BEPZA remains committed to providing a safe, modern and investor-friendly business environment and assured the company of full support to ensure the smooth implementation and operation of the project.