The Bangladesh Export Processing Zones Authority (BEPZA) has marked another major milestone in its drive to boost the country’s industrial growth by signing a lease agreement with South Korean company Park Handbag BD Ltd.
Under the agreement, a large-scale manufacturing facility for bags, luggage and high-end garments will be set up at the BEPZA Economic Zone in Mirsharai, Chattogram.
The agreement, involving a proposed investment of US $80 million, was signed on Monday at the BEPZA Complex in the city, according to a press release.
Md Tanvir Hossain, Executive Director (Investment Promotion) of BEPZA, signed the agreement on behalf of the authority, while Beomjoon Park, Chairman of Park Handbag BD Ltd, signed for the investing company.
BEPZA Executive Chairman Major General Mohammad Moazzem Hossain, ndc, afwc, psc, G, MPhil, 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 and luggage, as well as 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 generate employment for 10,960 Bangladeshi nationals. The products will be exported to major global markets, including the United States, the United Kingdom, 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. He urged Beomjoon Park to encourage other South Korean entrepreneurs to explore investment opportunities in BEPZA-managed export processing zones and economic zones.
He also noted that BEPZA is continuously modernising its service delivery system by expanding automation and digital services and improving efficiency to better serve investors.
“We should do better than yesterday,” he said, emphasising BEPZA’s determination to remain competitive and responsive to investors’ needs.
Speaking at the ceremony, Beomjoon Park said Park Handbag BD Ltd would manufacture bags for globally renowned brands such as Coach and Kate Spade and expressed strong confidence in Bangladesh as a competitive manufacturing destination.
He praised BEPZA for its fast, efficient and investor-friendly services.
The ceremony was attended by Abdullah Al Mamun, Member (Engineering); A N M Foyzul Haque, Member (Finance); Md Khorshid Alam, Executive Director (Enterprise Services); Samir Biswas, Executive Director (Administration); A S M Anwar Parvez, Executive Director (Public Relations); as well as senior BEPZA officials and representatives of Park Handbag BD Ltd.
