Bangladeshi company to invest $6.23 million in Mongla EPZ

Bangladeshi company M/s CIP Limited is going to set up a bag and luggage manufacturing industry in Mongla EPZ with an investment of $6.23 million.

They signed an agreement with Bangladesh Export Processing Zones Authority (BEPZA) to this effect at BEPZA Complex, Dhaka on Wednesday (15 November), reads a press release.

Member (Investment Promotion) of BEPZA Ali Reza Mazid and Chairman of CIP Limited MA Hanif Bhuiyan signed the agreement on behalf of their respective organisations.

BEPZA Executive Chairman Major General Abul Kalam Mohammad Ziaur Rahman was present at the signing ceremony.

BEPZA executive shairman thanked CIP Limited for investing in Mongla EPZ. He said two other luggage and bag manufacturing groups are successfully operating their business in Mongla EPZ. He hopes that CIP Limited will also successfully run their business in this EPZ.

Expressing his optimism Chairman of CIP Limited MA Hanif Bhuiyan said that they will start their commercial production by November 2024 after completing the construction of the factory building within the next 6-8 months. He said that they will use Mongla Port instead of Chattogram Port for import–export activities which will be more cost and time effective for them.

CIP Limited will produce annually 9.5 million pieces of backpack, soft luggage, hard luggage, duffle, trolley, school bag and ladies handbag. 1550 Bangladeshi nationals will get employment opportunity in this company.

Among others, Executive Director (Administration) A N M Foyzul Haque, Executive Director (Investment Promotion) Md. Tanvir Hossain and Executive Director (Public Relations) ASM Anwar Parvez were present during the signing ceremony.

Demand for investment in Mongla EPZ increased after the launching of the Padma Bridge and vibrant operations of Mongla Port. Mentionable, 31 industries have been operating their business in Mongla EPZ where 15,062 Bangladeshi nationals are employed.