Five foreign firms to invest $ 144.14m in EPZs

http://thenewnationbd.com/newsdetails.aspx?newsid=22190

Five foreign firms to invest $ 144.14m in EPZs
Business Report

Many overseas firms are routing external investments to Bangladesh in recent time giving a big push to increase local productivity and the rising capacity to growing exports.

Alone last week five overseas firms have signed separate agreements recently with Bangladesh Export processing Zones Authority (BEPZA) to set up their manufacturing facilities in the country’s special economic zones at a total cost of $144.142 million.

Their focus here is on the greater access to the export markets under GSP facilities as a least developed nation and the developed and developing nations want to siege upon the opportunity to the mutual benefits of both sides.

The five firms will locate their manufacturing plants in four export processing zones (EPZs) like Adamjee, Uttara, Iswardi and Comilla special economic zones.

They will put investments in separate projects. Out of them two Chinese firms – Kone Garments & Accessories Manufacturing Co. (BD) Limited and Mazen (Bangladesh) Industries limited – will invest $109.525 million together. A Pakistani concern Soorty Textile (BD Limited will put an investment of $22.527 million and the Korean firm A & A Traveling Bangladesh Limited will invest $7.55 million. An Indian company Simba Fashions Limited will put $ 4.45 million in investment.

Kone Garments & Accessories Manufacturing will set up two readymade garments and accessories industry at Adamjee and Uttara EPZs at a cost of $60 million.

Mazen (Bangladesh) Industries Ltd will invest $ 49.525 million at Uttara Export Processing Zone to set up an optical frame and sunglass manufacturing industry.
Pakistan’s Soorty Textile will set up a readymade garment industry in Comilla EPZ at a cost of $22.527 million.

The fourth agreement with Korea’s A & A Traveling Bangladesh will lead to set up a bag manufacturing industry at Ishwardi EPZ at a cost of $755 million.

The fifth one was Simba Fashions Ltd of India. It will set up a readymade garment industry at Adamjee Export Processing Zone at a cost of $ 4.54 million.

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