BEPZA Economic Zone signs $71 million foreign investment agreement

Bangladesh Export Processing Zones Authority (BEPZA) has signed land lease agreements with two wholly foreign-owned companies to set up new industrial units in the BEPZA Economic Zone.

The companies will invest $70.66 million in light engineering and garment accessories manufacturing. This will create employment for 1,105 Bangladeshi citizens and contribute to the country’s industrial diversification and economic growth.

The agreements were signed between BEPZA and DJ Copper Company Limited and GRX Technology (BD) Company Limited at the BEPZA Complex in Dhaka on Monday (November 17).

BEPZA Member (Investment Development) Md. Ashraful Kabir and Managing Director of GRX Technology (BD) Company Limited Ms. Zhang Na and Managing Director of DJ Copper Company Limited Zhang Junfeng signed the agreements on behalf of their respective organizations.

BEPZA Executive Chairman Major General Mohammad Moazzem Hossain was present at the signing ceremony.

At the event, the Executive Chairman thanked investors for choosing Bangladesh, especially the BEPZA Economic Zone, as an investment destination.

He said that BEPZA has earned a global reputation by ensuring a safe, business-friendly and effective investment environment.

He further mentioned that foreign investors, especially Chinese investors, have high confidence in BEPZA due to the long-standing relationship between Bangladesh and China and the consistent quality of BEPZA services.

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The Executive Chairman urged the two organizations to quickly start construction work by taking advantage of the current dry season and assured all kinds of cooperation and uninterrupted services from BEPZA.

According to the agreement, Hong Kong-China owned DJ Copper Company Limited will invest US$50.66 million to manufacture various types of light engineering and copper products including copper wire, copper sheet, copper hardware, cable line, cable, zipper teeth, brass wire, electronic accessories (such as switch plates, button logos). The company will build its own factory building on the 21,600 square meter land allocated for them and will employ 535 Bangladeshi workers.

On the other hand, another Hong Kong-China owned company GRX Technology (BD) Company Limited will invest US$20 million to manufacture various types of garment accessories such as zippers, YG sliders, zinc alloy sliders, buttons, snap buttons, logos, belt buckles, etc. They will build a factory on 14,400 square meter land and will provide employment opportunities to 570 Bangladeshis.

At the agreement signing ceremony, BEPZA Member (Engineering) Abdullah Al Mamun, Member (Finance) A. N. M. Faizul Haque, Executive Director (Administration) Sameer Biswas, BEPZA Economic Zone Project Director Mohammad Enamul Haque, Executive Director (Public Relations) A. S. M. Anwar Parvez and senior officials of BEPZA along with representatives of the two organizations were present.