Chinese firm to invest $19.5 million in Mongla EPZ

Chinese factory M/s QSL.S Garments Co, is going to set up a RMG industry in Mongla EPZ (MEPZ) with an investment of $ 19.5 million. In presence of the Executive Chairman Major General Abul Kalam Mohammad Ziaur Rahman, Bangladesh Export Processing Zones Authority (BEPZA) and M/s QSL.S Garments Co, signed an agreement to this effect at BEPZA Complex, Dhaka today (10 September). Nafisa Banu, Member (Finance) of BEPZA and Mr. Wanle Xuan, Managing Director of QSL.S Garments Co., Ltd. signed the agreement on behalf of their respective organizations. This fully foreign owned company will produce annually 6 million pcs of woven & knit garments products like Shirt, T-Shirt, Jacket, Pant, Shorts, etc. They will create employment opportunities for 2598 Bangladeshi nationals.

Source: https://www.tbsnews.net/economy/chinese-firm-invest-195-million-mongla-epz-698054

 Cotton waste the new cash cow

Cotton waste is turning into a new cash cow for Bangladesh as it is increasingly being sold abroad although local garment exporters are in favour of retaining and recycling it. Cotton waste refers to textile waste generated in the spinning, weaving and textile industry, coming in formats such as fibres, threads or fabric pieces depending on the stage of the transformation process. Cotton waste exports marked a significant rise of 76.77 percent year-on-year to fetch $84.85 million in the July-August period, the first two months of the current fiscal year, as per the Export Promotion Bureau. Last fiscal year, Bangladesh exported $411.12 million worth of cotton waste. Even a few years ago, it was less than $100 million. Bangladesh generates around 4,00,000 tonnes of cotton waste a year. If recycled, it could be used to manufacture exportable garments worth $6 billion. However, most of the cotton waste is being exported for its high price, driven by a higher demand.

Source: https://www.thedailystar.net/business/economy/news/cotton-waste-the-new-cash-cow-3415906