Chinese co to invest $21.85m in BEPZA EZ

Chinese company Unicorn Handbag Limited is set to invest $21.85 million to establish a carry bag and luggage manufacturing industry in the BEPZA Economic Zone.

The Bangladesh Export Processing Zones Authority (BEPZA) signed an agreement with the company at the BEPZA Complex in Dhaka on Wednesday, according to a press release.

In the presence of BEPZA Executive Chairman Major General Abul Kalam Mohammad Ziaur Rahman, BSP, the agreement was signed by BEPZA Member (Investment Promotion) Md Ashraful Kabir and Unicorn Handbag Limited Managing Director Zheng Shuyong on behalf of their respective sides.

The new industry is expected to produce 1.7 million pieces of backpacks, handbags, wallets, bags, caps, belts, and luggage annually, providing employment opportunities for 2,000 Bangladeshi nationals.

Welcoming Unicorn Handbag Limited, BEPZA executive chairman expressed hope that this investment will significantly impact Bangladesh's Foreign Direct Investment (FDI) landscape.

BEPZA Member (Engineering) Mohammad Faruque Alam, Member (Finance) A N M Foyzul Haque, Executive Director (Enterprise Services) Md Khorshid Alam, and Executive Director Moshiuddin Bin Mesbah were also present at the signing ceremony.

Source: BSS