Bangladeshi company Ecolet (Pvt) Limited will invest US$15.91 million to establish an LED product manufacturing plant in BEPZA Economic Zone-1 (BEPZA EZ-1) in Mirsharai, Chattogram, further diversifying Bangladesh’s export-oriented industrial base.

The company will annually manufacture 6 million LED bulbs and lamps, including decorative lights, for export to major international markets, including the United States, the United Kingdom, the European Union and the Middle East.

The project is expected to create employment opportunities for 306 Bangladeshi nationals.

An agreement to this effect was signed on Thursday at the BEPZA Complex in Dhaka.

Md Tanvir Hossain, member (Investment Promotion) of the Bangladesh Export Processing Zones Authority (BEPZA), signed the agreement on behalf of BEPZA, while Mohammad Soliman, managing director of Ecolet, signed on behalf of the company.

BEPZA Executive Chairman Major General Mohammad Moazzem Hossain witnessed the signing ceremony.

Welcoming the investment, the BEPZA executive chairman appreciated Ecolet for undertaking an initiative to manufacture non-RMG products, saying the project will contribute to diversifying Bangladesh’s export-oriented industrial base.

He said BEPZA has been working to attract investment in sectors beyond traditional export products and promote diversification of the country’s product and export basket.

“The inclusion of LED products will add a new dimension to our ongoing efforts towards product and export diversification,” Moazzem said.

According to BEPZA, the project will introduce technology-oriented electrical and electronics manufacturing to the economic zone through the production of LED bulbs and decorative lighting.

The initiative is expected to expand Bangladesh’s export product portfolio while creating opportunities for the development of higher-value manufacturing.

The investment is also in line with BEPZA’s efforts to encourage technology-oriented manufacturing alongside traditional export sectors.

The signing ceremony was attended by Abdullah Al Mamun, member (Engineering); ANM Foyzul Haque, member (Finance); Moshiuddin Bin Mesbah, executive director (Enterprise Services); Samir Biswas, executive director (Administration); and ASM Anwar Parvez, executive director (Public Relations), along with senior BEPZA officials and representatives of Ecolet.