Noman Group, one of the largest Bangladeshi apparel and textile companies, is planning to invest Tk 500 crore for producing polyester fashion fabrics which the company officials hope would contribute at least $100 million to country’s export earnings per year.
‘We have a plan to set up a plant at Bhaluka in Mymensingh to produce Georgette and Chiffon fabrics from synthetic fibre and the project cost would be at least Tk 500 crore,’ said Mohammad Abdullah Zaber, deputy managing director of Noman Group of Industries, while talking to reporters at a fabric show in the capital on Monday .
Zaber and Zubair Fabrics, a textile entity of Noman Group, which has been in textile business for 49 years, organised the show namely ‘Mill Week’ with an aim to showcase the product range of the company to the global buyers.
ZnZ is the largest fabric manufacturers and exporters in Bangladesh and annual turnover of the group of companies was $1.2 billion in the financial year 2016-17, according to Zaber.
He said that total employment of the group would exceed one lakh from the existing 80,000 after setting up the new plant for producing polyester fashion fabrics and it would take three years.
All the famous global fashion brands, which produce garment in Bangladesh, nominated the fabrics of ZnZ and at the same time the company exports fabrics to Vietnam, India, China, Hong Kong, Germany and Nicaragua, Zaber said.
He also said that they would produce 12 million yards of woven fabrics per month while the production of denim fabric was five millon yards per month.
‘We are the biggest player in producing woven fabrics in Bangladesh and our direct export was $700 million in last fiscal and hopefully it would be $8.5 million in the current fiscal,’ Zaber said.
He hoped more global market share in the coming years saying, ‘it’s our great achievement that global buyers are setting their sourcing visit in Bangladesh aligning with the Mill Week of ZnZ.’
This is the second time in Bangladesh, ZnZ is presenting `Mill Week’ for global cloths and fabric buyers and about 200 new developments have been showcasing in the event.
Md Nurul Islam, chairman of Noman Group, inaugurated the seven-day show (2nd April to 8th April) at its Gulshan corporate office.
This mill week would help the sector in branding Bangladesh as all the famous global buyers showed keen their interest for the showcase, he said.
Nurul Islam hoped that Bangladesh would produce 60 per cent of woven fabrics of total export demands by 2020 as a good number of big mills were going to start production.
‘As the biggest woven fabrics producer in south-east Asia we arranged the showcase to attract global buyers as well as to encourage others manufacturers for branding Bangladesh,’ he said.
At the first edition of the showcase last year, more or less 150 buyers visited the show while some 300 buyers made commitments to visit this year’s show, Nurul Islam said.
According to the ZnZ, a total of 31 buyers including Norwest, LI & Fung, Hi-glotex, Jamuna Fashion, Square, Shanghai World, H&M, M&S, Pearl Global, Itochu Japan and TAO visited the event on the inauguration day.
Source: News Age.