Chinese firm to invest $50m in Bepza EZ

China-based Home Joy Socks Bangladesh Company Limited signed an agreement with Bangladesh Export Processing Zones Authority (Bepza) recently to set up a sock and garment manufacturing factory in Bepza Economic Zone with an investment of $50 million.
The company has set a target to annually produce 100 million pairs of socks, 100 million pairs of tights, 100 million pieces of lingerie and 50 million pieces of knitwear for infants.
The investment will create employment opportunities for 4,980 Bangladeshi nationals at the factory inside Bepza Economic Zone, which is located at Mirsarai in Chattogram.
Md Ashraful Kabir, member (investment promotion) of Bepza, and Fu Wenlong, managing director of the company, penned the deal at Bepza Complex in Dhaka, said a press release.
Maj Gen Abul Kalam Mohammad Ziaur Rahman, executive chairman of Bepza, thanked the company for deciding to invest in Bepza Economic Zone.
He hoped that the foreign direct investment of this company would have a significant impact on the socioeconomic development of Bangladesh.
So far, 33 companies, including Home Joy Socks Bangladesh Company Limited, have signed agreements proposing to investment a total of $768.46 million to set up factories inside Bepza Economic Zone.
Among them, three have already started commercial operations.
Among others, Mohammad Faruque Alam, member (engineering) of Bepza Economic Zone, ANM Foyzul Haque, member (finance), ASM Zamshed Khondaker, executive director (admin), Md Tanvir Hossain, executive director (investment promotion), Mohammad Anamul Haque, project director, were also present.