Chinese firms keen to invest in Bangladesh\`s RMG_ green energy sector

Three Chinese companies are have made proposals to invest in Bangladesh. Hangzhou IV Supply Chain Co Limited_ Xinyi Glass Holdings Limited and Guopu Energy Technology Company Limited want to invest in apparel_ float glass and green energy sectors by setting up factories in the country.

Guopu Energy has proposed to invest a total of $50mn in the renewable energy sector. The company submitted its proposal at the Bangladesh Investment Summit held in November last year.

Xinyi Glass Holdings ltd has already submitted an attractive investment proposal to the Bangladesh Embassy in Beijing_ China. The proposal letter has already been to the Ministry of Foreign Affairs (MoFA). On May 18_ 2022_ the Bangladesh Embassy wrote to the commerce secretary mentioning the issues.

The two other Chinese Companies-- Guopu Energy and Hangzhou IV Supply Chain-- submitted investment proposals for solar and wind farm projects and garment sector in Bangladesh_ a source said.

Xinyi would require around 32 hectares of land to establish the float glass unit_ the embassy letter mentions.

The firm is the world's largest float glass supplier with total $10bn market capital with over $1.8bn annual revenue_ according to the mission. It is the world's number one float glass manufacturer with a production capacity of 8.5mn tonnes per year_ said the mission's letter.

The Holdings also installs solar power plants_ lithium battery power and energy storage. The company has already made huge investments in Malaysia and Malacca_ the letter says. If they invest in Bangladesh_ about $95mn revenue would be generated per year and will create around 400 jobs_ added the mission's letter.

Meanwhile_ Guopu Energy Technology specializes in renewable energy projects. It works on consulting and planning_ construction_ technology development of solar and wind power stations and biological power stations.

Another Chinese company Hangzhou IV Supply Chain proposed to set up garments manufacturing unit in an economic zone under BEZA_ the letter adds.