United News of Bangladesh

The Bangladesh Economic Zones Authority (BEZA) has officially handed over 12.5 acres of land to Chinese manufacturing giant China Lesso Group in the National Special Economic Zone (EZ). The land lease agreement was signed earlier on September 19, 2024. According to a press release issued on Monday, China Lesso Group will invest around US$32.772 million to produce PVC pipes, PEX pipes, solar panels, sanitary ware, kitchen equipment, doors and windows, water purifiers, waterproofing materials, fire-fighting equipment, cables, lighting, environmental protection products, and other construction materials. The products will also be manufactured locally as part of the company’s market expansion in Bangladesh. BEZA Executive Chairman Chowdhury Ashik Mahmud Bin Harun said the handover marked a step towards fostering an investment-friendly, innovation-driven industrial environment. He expressed hope that it would inspire further investment in the zone. South Korean company to invest $ 8.06 million in Mongla EPZ A representative of China Lesso Group said the project would prioritise environment-friendly products, renewable energy, and related supply chains, alongside financial returns. In 2024, China Lesso Group posted revenues of around $974 million. The company employs roughly 20,000 people worldwide and operates production facilities in Indonesia, Cambodia, Thailand, Malaysia, the Philippines and several other countries. BEZA and China Lesso Group expect that the investment and subsequent job creation will boost the economic significance and growth potential of the zone. The National Special EZ currently houses 15 operational industrial units, with several more under construction.

South Korea has,expressed keen interest in strengthening bilateral trade and investment ties with Bangladesh, particularly in the textile and garment sectors. Park Young-sik, ambassador of the Republic of Korea to Bangladesh, held a meeting with Mahmud Hasan Khan, president of the Bangladesh Garment Manufacturers and Exporters Association (BGMEA), at the BGMEA Complex in Uttara, Dhaka. The meeting focused on strengthening bilateral trade and investment issues. During the meeting, the BGMEA president  highlighted Bangladesh’s growing potential as a destination for South Korean exports of man-made fibress, textile machinery, chemical dyes, and other raw materials. He also noted that South Korea is a promising market for Bangladeshi apparel exports, offering significant opportunities for mutually beneficial trade. President Mahmud Hasan Khan expressed appreciation for South Korea’s historical support in the development of Bangladesh’s garment industry, especially in technical assistance and workforce training during its formative years. He sought the ambassador’s support in expanding Bangladesh’s apparel exports to South Korea and attracting Korean investment in non-textile sectors within Bangladesh. The BGMEA leadership also emphasised the need for enhanced market intelligence sharing and stronger business-to-business connectivity between Korean and Bangladeshi enterprises to deepen economic cooperation. New Saudi Ambassador presents credentials to President Shahabuddin  The ambassador underscored the importance of further aligning Bangladesh’s Export Processing Zones (EPZ) Act 2019 with the Bangladesh Labour Act 2006 to create a more conducive environment for foreign investors. He also highlighted the need to improve labor productivity and the operational efficiency of the Chattogram port, which are key to facilitating smoother trade operations. Both parties expressed optimism that the signing of a Free Trade Agreement (FTA) or an Economic Partnership Agreement (EPA) between Bangladesh and South Korea would significantly benefit both countries by fostering deeper economic integration. BGMEA president Mahmud thanked the South Korean government for its continued support and expressed confidence that bilateral relations will continue to strengthen in the coming years. Present during the meeting from BGMEA were Vice President Md. Shehab Udduza Chowdhury, Director, Faisal Samad, and Member Israfil Atique. The Ambassador was accompanied by Kim Jeong ki, Consul at the Korean Embassy in Dhaka, and Noh Chy Woo, Country Head, Spandex Performance Unit and Spandex Plant, Hyosung TNC Corporation (Bangladesh Liaison Office).