Chinese firm to invest $6m in Bepza EZ
Economy
Chinese company Jibin Technology (BD) is going to invest $6 million to establish a shoe accessories manufacturing factory in Bepza Economic Zone (EZ).
The fully foreign-owned company signed an agreement with Bangladesh Export Processing Zones Authority (Bepza) to this effect at Bepza Complex in Dhaka on Monday, reads a press release.
Jibin Technology (BD) will annually produce six million pairs of shoe accessories items like outsole, midsole, injection parts, backstay, heel clip, toe cap, sports spike, EVA, PU Foam, and PU components.
Once established, the factory is expected to initially employ 195 Bangladeshis.
Present at the occasion, Executive Director (Public Relations) Nazma Binte Alamgir told The Business Standard that any company that signs an investment contract has to start the construction work within a year as per rule.
"We hope Jibin Technology (BD) will start factory construction within six months as their interest is high," Nazma said.
Ali Reza Mazid, member (investment promotion) of Bepza and Wu Xueli, managing director of Jibin Technology (BD) signed the agreement on behalf of their respective organisations. BEPZA Executive Chairman Major General Abul Kalam Mohammad Ziaur Rahman witnessed the signing ceremony.
Representing Bepza, Member (Engineering) Mohammad Faruque Alam, Member (Finance) Nafisa Banu, Project Director of Bepza EZ Mohammad Anamul Haque, and Additional Executive Director (Investment Promotion) Md Fazlul Haque Mazumder were present during the signing ceremony among others.
Bepza is currently overseeing eight operational Export Processing Zones (EPZs) including Chattogram EPZ, Dhaka EPZ, Mongla EPZ, Ishwardi EPZ, Cumilla EPZ, Uttara EPZ, Karnaphuli EPZ and Adamjee EPZ.
Bepza in the Bangabandhu Sheikh Mujib Shilpa Nagar in Chattogram's Mirsarai is gearing up to go into production this year. The economic zone, which is the first of its kind being developed under Bepza, spans 1,138.55 acres of land.
To turn it into a vibrant industrial enclave Bepza signed lease agreements with a total of 18 companies at home and abroad including Jibin Technology (BD).
These companies will invest $400 million to produce diversified products including traditional readymade garments.
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