Turkish textile major Sanko is keen to invest around $300 million to establish an integrated textile manufacturing facility in Mirsarai industrial zone.
The investment plan was discussed at a meeting between a Sanko delegation and Minister for Commerce, Industries, and Textiles and Jute Khandaker Abdul Muktadir at the Secretariat on Tuesday.
State Minister for Textiles and Jute Md Shariful Alam was also present.
The Sanko delegation said the company plans to establish a large-scale production facility in Bangladesh based on its existing business ties with the country and growing demand from international buyers.
The Turkish company currently supplies textile products to Bangladesh from its facilities in Turkey.
However, it now wants to expand its production base locally, citing Bangladesh’s growing market, skilled workforce and strong export potential.
Under the proposed investment, Sanko plans to establish facilities for fabric production, fabric processing and manufacturing of value-added textile products.
The initiative is expected to strengthen Bangladesh’s capacity to produce high-quality textile products and help the country move further up the value chain in the ready-made garment and textile sectors, the company representatives said.
They said Sanko already has several important international buyers in Bangladesh.
The delegation said potential locations for the project have already been identified and discussions have taken place with prospective local partners.
The company plans to begin further activities within the next few months, subject to necessary government approvals and the availability of required infrastructure.
Once construction begins, the facility is expected to be operational within 12 to 18 months, the representatives said.
The Sanko delegation sought government support in ensuring energy facilities, gas connections, uninterrupted electricity supply and necessary approvals for the project.
Minister Khandaker Abdul Muktadir highlighted Bangladesh’s investment potential and assured the Sanko delegation of the government’s necessary cooperation.
He said the government is encouraging foreign investment in the country’s industrial sector and working to provide investors with the necessary facilities and support.