Bangladesh Export Processing Zones Authority (BEPZA) has marked another significant milestone in its mission to drive Bangladesh's industrial growth by signing a lease agreement with South Korean company Park Handbag BD Ltd to establish a large-scale bag, luggage, and high-end garments manufacturing facility at the BEPZA Economic Zone, Mirsharai, Chattogram.
The agreement, involving a proposed investment of $80 million, was signed at the BEPZA Complex in Dhaka on Monday, says a press release.
Md Tanvir Hossain, Executive Director (Investment Promotion) of BEPZA signed the agreement on behalf of BEPZA, while Beomjoon Park, the Chairman of Park Handbag BD Ltd, signed on behalf of the investing company.
BEPZA Executive Chairman Major General Mohammad Moazzem Hossain, witnessed the signing ceremony.
Under the agreement, Park Handbag BD Ltd. will develop the project on 57,600 square meters of land to manufacture handbags, backpacks, luggage, and a wide range of knit and woven garments, including polo shirts, T-shirts, padded and down jackets, trousers, sportswear, and undergarments. Once fully operational, the project is expected to create employment opportunities for 10,960 Bangladeshi nationals. The products will be exported to major global markets, including the USA, UK, European Union, South America, and Asia.
Welcoming the South Korean investor, the Executive Chairman of BEPZA reaffirmed BEPZA's commitment to providing round-the-clock facilitation. He urged Mr. Beomjoon Park to encourage other South Korean entrepreneurs to explore investment opportunities in BEPZA-administered EPZs and Economic Zones.
The Executive Chairman noted that BEPZA is continuously modernizing its service delivery system, expanding automation and digital services, and improving efficiency to better serve investors. "We should do better than yesterday," he remarked, emphasizing BEPZA's drive to remain competitive and responsive to investors' needs.
Speaking at the ceremony, Beomjoon Park stated that Park Handbag BD Ltd. will manufacture bags for globally renowned brands such as Coach and Kate Spade, and expressed strong confidence in Bangladesh as a competitive manufacturing destination. He praised BEPZA for its fast, efficient, and investor-friendly services.
The ceremony was attended by Abdullah Al Mamun, Member (Engineering); A N M Foyzul Haque, Member (Finance); Md. Khorshid Alam, Executive Director (Enterprise Services); Samir Biswas, Executive Director (Administration); ASM Anwar Parvez, Executive Director (Public Relations); along with senior officials of BEPZA and representatives of Park Handbag BD Ltd.
