United Commercial Bank (UCB)

Dhaka, Sunday

05 February 2023

Business Insider Bangladesh

Chinese company to invest $40mn in BEPZA Economic Zone

BI Report || BusinessInsider

Published: 16:00, 4 December 2022  
Chinese company to invest $40mn in BEPZA Economic Zone

Photo: Collected

Chinese company Fenix Garment Limited is going to set up a high-end garments manufacturing industry in BEPZA Economic Zone (EZ) with an investment of $39.70 million (equivalent to Tk 410 crore). 

It signed an agreement with the Bangladesh Export Processing Zones Authority (BEPZA) to this effect at BEPZA Complex in Dhaka on Sunday. 

Ali Reza Mazid, member (Investment Promotion) of BEPZA, and Ma Zhuang, chairman of Fenix Garment Limited, signed the agreement on behalf of their respective organisations, said a news release.

BEPZA Executive Chairman Major General Abul Kalam Mohammad Ziaur Rahman congratulated the Fenix Garment for choosing BEPZA EZ as their investment destination. He assured the investor to provide all sorts of support of BEPZA for setting up the industry and starting operations. 

The BEPZA executive chairman called upon the investors for the optimum use of land during the construction of the factory. He also requested to keep such provisions in the factory building so that they can use its rooftop for producing renewable energy.

Ma Zhuang, chairman of Fenix Garment Limited, said, “I have been in Bangladesh for the last 12 years and operating two factories in Cumilla & Chattogram EPZ. Fenix Garment is going to be our third venture under BEPZA.” 

He appreciated BEPZA for providing one-stop service to run the business smoothly inside EPZ. Mentioning the reasons behind investing in Bangladesh he said, “I have explored many countries across the world for investment but found investment friendly environment, quality workforce of Bangladesh especially the EPZs and BEPZA Economic Zone as the best choice for me to expand my business.”  

According to the proposal of Fenix Garment, they will produce annually 10 million pieces of different types of high end garment products including sports jacket, motorcycle safety jacket, coverall, hospital gown, PPE, luggage, backpacks, etc. The factory will create employment opportunities for 15,820 Bangladeshi nationals. 

Mentionable that BEPZA EZ is the largest venture of BEPZA located at Bangabandhu Sheikh Mujib Shilpa Nagar, Mirsharai, Chattogram on 1138.55 acres of land. BEPZA signed agreements with total 15 companies including Fenix Garment to establish factories here. The total proposed investment of the companies is $363.65 million. Three companies have already started construction of factory buildings. The BEPZA hopes that one of these factories will start manufacturing by early 2023. 


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