Indian firm sets up shop at Comilla EPZ

“We are planning to invest almost $65 million and hope to create employment of around 3,000 people,” Aamir Akhtar, CEO – Denims of Arvind, told reporters after the signing.

About 60 percent of Arvind’s denim are exported to Bangladesh as raw materials for the RMG industry, according to Akhtar.

“So we find setting up a factory here as a logical forward movement.”

Replying to a query, Akhtar said that the cost advantage in terms of labour and the large textile sector lured them to start manufacturing in Bangladesh.

“We expect the market to grow by 12 percent by 2015 which would account for 500 million metres of denim annually and we want to grab a 30 percent market share.”

At present, the denim usage of Bangladesh stands at 300 million meters.

BEPZA executive chairman Jamil Ahmed Khan, Bangladesh India Chamber of Commerce and Industry president Abdul Matlub Ahmed were present among others at the signing ceremony