The Bangladesh Export Processing Zones Authority (BEPZA) on Monday signed a lease agreement with South Korean company Park Handbag BD Ltd to establish a large-scale bag, luggage and high-end garments manufacturing facility at the BEPZA Economic Zone in Mirsarai, Chattogram.
The proposed investment, amounting to US$ 80 million, is expected to significantly contribute to industrial growth and employment generation in the country.
The agreement was signed at the BEPZA Complex in Dhaka.
Md Tanvir Hossain, Executive Director (Investment Promotion) of BEPZA, signed the agreement on behalf of BEPZA, while Beomjoon Park, Chairman of Park Handbag BD Ltd, signed on behalf of the investing company.
BEPZA Executive Chairman Major General Mohammad Moazzem Hossain witnessed the signing ceremony.
Under the agreement, Park Handbag BD Ltd will develop the project on 57,600 square metres of land to manufacture handbags, backpacks, luggage, and a wide range of knit and woven garments, including polo shirts, T-shirts, padded and down jackets, trousers, sportswear and undergarments.
Once fully operational, the project is expected to create employment opportunities for 10,960 Bangladeshi nationals.
The manufactured products will be exported to major global markets, including the USA, the UK, the European Union, South America and Asia.
Welcoming the South Korean investor, the BEPZA Executive Chairman reaffirmed the authority’s commitment to providing round-the-clock facilitation to investors. He also urged Park to encourage other South Korean entrepreneurs to explore investment opportunities in BEPZA-administered EPZs and Economic Zones.
He said BEPZA is continuously modernising its service delivery system through increased automation, digitalisation and efficiency to better serve investors.
“We should do better than yesterday,” he remarked, underscoring BEPZA’s drive to remain competitive and responsive.
Speaking at the ceremony, Beomjoon Park said Park Handbag BD Ltd will manufacture bags for globally renowned brands such as Coach and Kate Spade.
He expressed strong confidence in Bangladesh as a competitive manufacturing destination and praised BEPZA for its fast, efficient and investor-friendly services.