German company UBF Bridal Ltd has signed an agreement with Bangladesh Export Processing Zones Authority (BEPZA) with an investment of $11.87 million to establish a high-end bridal wear manufacturing industry in Adamjee EPZ.
The two parties inked the deal on Wednesday by connecting virtually from BEPZA Complex in Dhaka from one end and the Bangladesh Embassy in Berlin, Germany from another.
The agreement was signed at the Bangladesh Embassy in Germany since the investor was unable to travel to Bangladesh to sign the necessary documents because of the Covid-19 pandemic, read a press release on Thursday.
The BEPZA has set a unique example by signing a lease agreement virtually for the first time with a company to continue the flow of investment in the new global situation caused by the corona, it added.
Member (Investment Promotion) of BEPZA Md Mahmudul Hossain Khan at the BEPZA Executive Office, Dhaka and Managing Director of UBF Bridal Ltd Adrian Konrad Gaszak at Bangladesh Embassy in Germany inked the agreement on behalf of their respective organisations.
Bangladesh Ambassador to Germany Mosharraf Hossain Bhuiyan congratulated the German investor and assured his all-out support.
It should be mentioned that the UBF Bridal Ltd is relocating their factory from Poland to Bangladesh. Other than bridal wear, the company will produce 27 different types of bridal items.
They will produce six lakh products annually to be exported to different countries including Europe. This factory will create employment opportunity for 113 Bangladeshi nationals.
Commercial Counsellor of Bangladesh Embassy Saiful Islam and Chairman of United Bridal Factory Bartosz Wodecki were present from the Berlin end; and General Manager (Public Relations) Nazma Binte Alamgir and General Manager (Investment Promotion) Tanvir Hossain of BEPZA participated from the Dhaka end during the virtual signing ceremony.