Bangladeshi conglomerate Deshbandhu Group has teamed up with American technology and engineering solution provider Chemtex to set up the country’s first polyester staple fibre plant, according to media reports. When it starts production in 24 months, it is expected to meet 40 per cent of Bangladesh’s annual polyester fibre demand.
Polyester staple fibre is a fibre produced from synthetic chemical compounds, which is strong enough to be twisted into yarn similar to natural fibres such as cotton or wool. In other words, it is a substitute for raw cotton.
The plant is projected to cost $ 100 million and Chemtex will be a strategic partner. Production target has been set at 400 tonnes of polyester staple fibre a day.
Deshbandhu Group expects the factory will help in Bangladesh’s efforts to hit $ 50 billion in garment exports by 2021 as it will reduce the lead-time for manufacturers.
Bangladeshi garment makers need more than three lakh tonnes of polyester staple fibre a year, with the demand fully met through imports. At present, the country imports $ 480 million worth of polyester staple fibre a year.
Deshbandhu Group is targeting to supply 1.2 lakh tonnes of the fibre to garment factories a year initially, with production ramped up later to facilitate the $ 50 billion export target.
The raw materials for the plant will be imported from Arabian countries, India, Indonesia and China. (SH)