A US-based multinational Huntsman Corporation is set to invest $20 million in an industrial unit at a private economic zone (EZ) in Bangladesh, people familiar with the development say.
It will establish a dye and chemical manufacturing plant on five acres of land at Abdul Monem Economic Zone in Munshiganj.
The development will help the local apparel sector procure quality raw materials at affordable rates, the insiders add.
According to data available with the Bangladesh Economic Zones Authority (BEZA), Huntsman is making the investment in phases.
The industrial unit will generate employment for an estimated 900 people at the zone that accommodates world-renowned brands like Honda.
The economic zone is situated 37 kilometres east off Dhaka city adjacent to Dhaka-Chattogram highway near Meghna-Gumti Bridge.
A BEZA official says Huntsman is a well-known chemical supplier in the textile sector in Bangladesh.
The facility is set to begin its operations this June.
It will produce different types of chemicals, mostly imported from China, India and Europe, used in the textile industry, he says.
"The investment being made by a globally-renowned company is the testament to the country's [conducive] investment climate, thanks to different measures taken by the government."
The official further says that a number of multinational companies have established industrial units at state-owned as well as privately-run EZs.
Currently, there are eight private EZs, including Abdul Monem EZ, Bay EZ, City EZ, Meghna EZ, Karnaphuli Dry Doc Special EZ and Kishoreganj EZ.