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16 June 2024

Business Insider Bangladesh

Bangladeshi company to invest $6.23m in Mongla EPZ

BI Desk || BusinessInsider

Published: 00:58, 16 November 2023  
Bangladeshi company to invest $6.23m in Mongla EPZ

Photo: Collected

Bangladeshi company M/s. CIP Limited is going to set up a bag & luggage manufacturing industry at Mongla EPZ with an investment of US$ 6.23 million.

The company today signed an agreement with Bangladesh Export Processing Zones Authority (BEPZA) to this effect at BEPZA Complex in the city in this regard, said a press release, reports BSS.

Ali Reza Mazid, Member (Investment Promotion) of BEPZA and Chairman of CIP Limited M.A Hanif Bhuiyan signed the agreement on behalf of their respective organizations.

BEPZA Executive Chairman Major General Abul Kalam Mohammad Ziaur Rahman witnessed the signing ceremony.

BEPZA Executive Chairman thanked the CIP Limited for investing to the Mongla EPZ. He said that two other luggage and bag manufacturing companies are successfully operating their business in Mongla EPZ.

He hopes that the CIP Limited will also successfully run their business in this EPZ.

Expressing his optimism M.A Hanif Bhuiyan, Chairman of the CIP Limited said that they will start their commercial production by November next year after completing the construction of the factory building within the next 6-8 months.

He said that they will use Mongla Port instead of Chittagong Port for import–export activities which will be more cost and time effective for them.

CIP Limited will produce annually 9.5 million pieces of backpack, soft luggage, hard luggage, duffle, trolley, school bag and ladies handbags. Atotal of 1550 Bangladeshi nationals will get employment opportunity in this company.

Among others, Executive Director (Administration) A N M Foyzul Haque, Executive Director (Investment Promotion) Md. Tanvir Hossain and Executive Director (Public Relations) A.S.M. Anwar Parvez were present during the signing ceremony.

The demand has increased to invest in the Mongla EPZ after the launching of the Padma Bridge & vibrant operations of the Mongla Port. Mentionable, 31 industries have been operating their business in Mongla EPZ where 15,062 Bangladeshi nationals are employed.