By Sumi Khan
Dhaka, Aug 8 (IANS) Bangladesh is the most suitable place for investment for global enterprises as it has a large population and huge market potential, said Xu Xiaochu, Chairman of Chinas Yabang Investment Holding Group Company Limited.
The firm is one of the top 500 Chinese companies, has already inked a land lease agreement with Bangladesh Economic Zones Authority (BEZA) for 100 acres land to set up textile and other chemical industries in Bangabandhu Sheikh Mujib Shilpa Nagar (BSMSN) at Mirsarai, Sitakundu and Sonagazi upazillas under Chattogram and Feni districts.
“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),” Xu said at a recent function.
He said the investment by Yabang Corporation in Bangladesh is a necessary choice as per the laws of global economic development.
Ten years ago, the top executives of Yabang Group visited 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.
Five years ago, the company set its goal in Bangladesh and permanent staffs were sent to set up an office, said Xu.
He said Bangladesh has a large population and huge market potential which is politically democratic and has good-neighbourly 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 UN and countries with developed economies. The government and its people are united in their efforts and wish for development.
“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,” Xu added.