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29 March 2024


Business Insider Bangladesh

BEPZA signs first investment agreement worth $50mn

BI Report || BusinessInsider

Published: 18:40, 19 February 2022  
BEPZA signs first investment agreement worth $50mn

Photo: Courtesy

BEPZA has signed land lease agreements for the first time with 4 local and foreign companies to set up industries in BEPZA Economic Zone.

The three fully foreign-owned companies are from the United States, China and Sri Lanka; and the other is from Bangladesh.

The agreements were signed on Saturday at BEPZA Complex, Dhaka, said a press release.

The four companies will invest $50 million in garments, garments accessories, camping equipment, and shoe accessories industries which will create employment opportunities for 23,453 Bangladeshis.

The process of establishing industries in BEPZA Economic Zone at Bangabandhu Sheikh Mujib Shilpa Nagar starts officially by signing these agreements.

Among the signatories, the Sri Lankan industry Univogue Garments Company Limited will set up a garment industry with an investment of $36.49 million.

The company will produce 32.14 million pieces of woven bottoms and woven jackets annually where 17,896 Bangladeshi nationals will get employment opportunities.

Fengqun Composite Material Co, (BD) Ltd, a fully foreign-owned Chinese company will set up a shoe accessories industry with an investment of $2.22 million.

The company will annually produce 35,000 tonnes of shoe accessories (foam, foam PU insole, lamination goods, footwear items, etc) and packaging items (cartoon, paperboard box, inner box, chipboard packaging, etc).

The company will create employment opportunities for 360 Bangladeshi nationals.

Campex (BD) Limited, a US-owned enterprise will set up a tent, tent accessories and outdoor garment manufacturing industry with an investment of $10 million where 5,000 Bangladeshi nationals will get employment opportunities.

The company will produce 5 million pieces of tents, backpacks, packing bags, movie screens, projectors, screen walls, lockers, sunscreens, balcony screens, seat covers, camping furniture, raincoats, jackets, etc annually.

Bangladeshi company TexTrim Labels (BD) Limited will set up a garment accessories and paper converting industry with an investment of $1.27 million which will create employment opportunities for 197 Bangladeshi nationals.

The company will annually produce 11,717 tonnes of thermal sticker label, plotter marking paper, care label, master cartoon box, screen print, heat transfer and transfer label, tag, etc.

On behalf of BEPZA, Member (Investment Promotion) Ali Reza Mazid and Director of Univogue Garments Company Limited Jagath Priyantha, Chairman of Fengqun Composite Material Co, (BD) Ltd He Zaiqun, Representative of Campex (BD) Limited Shahadat Musharraf Khan & Managing Director of TexTrim Labels (BD) Limited Abul kalam Sikder signed the agreements on behalf of their respective organizations.

Mentionable, Prime Minister Sheikh Hasina unveiled the foundation stone of BEPZA Economic Zone established on 1138.55 acres of land at Bangabandhu Sheikh Mujib Shilpa Nagar on January 24, 2018.

According to the master plan, 539 nos. of industrial plots of 3600 sq m each with modern amenities will be established here.

It will be possible to establish 300-350 industries, create employment opportunities for around 5 lakh Bangladeshi nationals and attract investment of about $ 4.5 billion after being operational in full swing.

Nagad
Monetary Policy Stance
Budget 2020-21
Walton