A South Korean enterprise has finalized plans to establish a large-scale manufacturing facility in Bangladesh following the signing of a land lease agreement with the Bangladesh Export Processing Zones Authority (BEPZA) on Monday.
PH Creative BD Ltd will pour 24.03 million dollars into constructing a production plant within the BEPZA Economic Zone, marking another significant foreign investment in the South Asian nation's industrial sector.
The facility will focus on producing outdoor recreation equipment and travel accessories, including tents, sleeping bags, camping chairs, and various frame structures made from steel, aluminum, iron, and fiberglass.
Production lines will also manufacture trolley bags, handbags, and garment accessories such as toggles and beads.
Jin Ho Bae, Chairman of the South Korean company, and Md Tanvir Hossain, Executive Director of Investment Promotion at BEPZA, formalized the arrangement during a ceremony held at the BEPZA Complex in Dhaka. Major General Mohammad Moazzem Hossain, who serves as Executive Chairman of BEPZA, attended the event as a witness.
The manufacturing venture is projected to generate roughly 2,000 jobs for local workers, delivering a substantial boost to employment opportunities in the region.
During the ceremony, the BEPZA chief expressed appreciation for the company's decision to invest in the economic zone while urging South Korean businesses to consider expanding into advanced technology sectors.
He specifically pointed to semiconductors and electronic products as promising areas for future investment in Bangladesh.
Senior officials from both organizations attended the signing, including Member of Engineering Abdullah Al Mamun, Member of Finance ANM Foyzul Haque, and Executive Director of Public Relations ASM Anwar Parvez.
