Dhaka: India-Bangladesh company Messrs Progress Apparels (Bangladesh) Limited is going to set up a readymade garment industry in Iswhardi Export Processing Zone.

This joint venture company will invest US$ 6.66 million for setting up the plant with annual production capacity of 9.76 million pieces of shirt and pants.

Progress Apparels Limited will create employment opportunity for 2264 Bangladeshi nationals, said a press release.

An agreement to this effect was signed between Bangladesh Export Processing Zones Authority and Progress Apparels (Bangladesh) Limited at BEPZA Complex in Dhaka on Tuesday.

Sayed Nurul Islam, Member (Investment Promotion) of BEPZA, and Muhammad Shahed Mahmud, Managing Director of Progress Apparels (Bangladesh) Limited, inked the deal on behalf of their respective organizations.