Chinese company Crescent Hi Tech Co Ltd is going to set up an ‘Active Pharmaceutical Ingredients (API)’ manufacturing industry in BEPZA Economic Zone.

This is the first API factory under the zones of Bangladesh Export Processing Zones Authority (BEPZA), said a press release.

They will invest $7.6 million to produce different types of parmaceutical ingredients.

The company on Thursday signed an agreement to this effect with BEPZA at BEPZA Complex in the capital.

Ali Reza Mazid, member (Investment Promotion) of BEPZA and Xie Weimin, chairman of Crescent Hi Tech Co Ltd signed the agreement on behalf of their respective organisations.

BEPZA Executive Chairman Major General Abul Kalam Mohammad Ziaur Rahman, witnessed the signing ceremony.

BEPZA executive chairman said, this API manufacturing industry is a new addition among the lease signee industries of BEPZA Economic Zone.

He also said BEPZA gives highest priority on product diversification to reduce single dependency on textile and garments products and encourages electronics, software, renewable energy etc. industries to enrich the export basket.

Xie Weimin, chairman of Crescent Hi Tech said, they will start the construction work of the factory very soon.

He said the produced API will be exported directly to the USA.

BEPZA has so far approved a total of 25 enterprises to establish industries in BEPZA EZ including Crescent Hi Tech Co Ltd and most of them will produce diversified product.

The total proposed investment of these enterprises has already been exceeded $0.5 billion. This company will produce 315 Tons of 1.4-Dihydroxy Anthraquinone, 189 Tons of 1.4-Diamino Anthraquinone, 661 Tons of Glycuresis 26 and 53 and 629 Tons of Hepatitis C 30 and 27 annually. 2077 Bangladeshi nationals will get employment opportunities in this factory.

Among others, Executive Director (Administration) ANM Foyzul Haque, Executive Director (Enterprise Services) Md Khorshid Alam and Executive Director (Public Relations) ASM Anwar Parvez along with investment consultant AZM Azizur Rahman and representative of the enterprise were present during the signing ceremony.