Bangladesh Most Suitable Place for Investment: Chinese Entrepreneur

Chairman of China's Yabang Investment Holding Group Company Limited Xu Xiaochu said that Bangladesh is the most suitable place to invest in global companies, as it has a large population and huge market potential, reports BSS.

“It is the most suitable place for investment for global enterprises, especially for traditional industries. Now it is offering a historic opportunity for transferring the traditional industries from the world factory, (China),” he said at a recent function.

Yabang Investment Holding Group Company Limited, one of the top 500 Chinese companies, has already signed a land lease agreement with the Bangladesh Economic Zones Authority (BEZA) for 100 acres of land to establish textile and other chemical industries in Bangabandhu Sheik Mujib Shilpa Nagar (BSMSN) in Mirsarai, Sitakundu and Sonagazi Upazillas in Chattogram and Feni districts.

Xu Xiaochu said that Yabang Corporation's investment in Bangladesh is a necessary choice under the laws of global economic development.

“Ten years ago, the top executives of Yabang Group visited many times different countries and regions including Southeast Asia, South Asia, Africa and North Korea to choose investment and development bases for the second entrepreneurship of the enterprise,” he added.

Five years ago, he said, the company set its goal in Bangladesh and permanent staff were sent to set up an office.

Xu Xiaochu said Bangladesh has a large population and a huge market potential that is politically democratic and has a good-neighborly friendship.

“Its economy is developing rapidly. People aspire to live and work in peace and contentment. The country enjoys various economic policies’ support from the United Nations and countries with developed economies. The government and its people are united in their efforts and wish for development,” he added.

He said Bangladesh is the second-largest exporter of garments in the world and its prospect is even broader.

“However, the supporting production capacities of weaving, printing and dyeing are seriously insufficient. In particular, there is almost no dye production. The investment by Jiangsu Yabang Dyestuff Corporation Limited, a concern of the Yabang Investment Holdings Group Co Limited, in Bangladesh has a great competitive advantage and advantage for development, both in providing the support for domestic needs in Bangladesh, promoting better and greater development of Bangladesh’s garment industry and in creating foreign exchange via export and increasing people’s employment,” he added.

He informed that Yabang Group has successful experience in cooperating with the Chinese government to establish “chemical and pharmaceutical park.”

“It has advantages in technology, market, capital, management and other aspects needed for park construction and industrial investment. It can make greater contributions to the development of economic parks in Bangladesh and to the attraction of traditional Chinese manufacturing industries,” he added.

He said the signing of the land lease this time and the industry's investment in the future will enable us to work together to realize the "Golden Bengal" dream and yield results.

Yabang Investment Holding Group Co Limited is a large-scale, extensive business company that has expanded with China's reform and opening-up. The business has six processing sectors, including dyes, pigments, coatings, pharmaceuticals, medicinal medicines and pesticides, and ten businesses, including real estate, mines, photovoltaic and logistics. It has over 15,000 employers. The annual turnover of the group is over 7 billion US dollars. The production and sales volume of its main products ranks first in the world. The group has been listed on “China’s Top 500 Enterprises” for many years.

The company plans to spend US$ 300 million in the country's garment and other chemical industries.

The company is expected to generate jobs for 2,200 individuals, with an estimated production of about $146.40 million. The sum of the group 's total domestic revenue is estimated to be $97.60 million.