In Mirsarai, Chattogram, four domestic and international businesses will invest $111.3 million in the Bangladesh Export Processing Zones Authority (BEPZA) Economic Zone. The funds will be used to build factories and product testing facilities for the manufacture of ready-made clothing accessories, leather processing, and footwear. More than 7,500 people are anticipated to gain work possibilities as a result of the developments. A BEPZA press release announcing this information was released on Thursday.

According to the press release, BEPZA has signed agreements with the four companies three of which are fully foreign-owned. These include firms from China, Singapore, and a China-Singapore joint venture. The remaining company is Bangladeshi. The signing ceremony took place on Thursday at the BEPZA Complex on Green Road, Dhaka, in the presence of BEPZA Executive Chairman Major General Mohammad Moazzem Hossain. On behalf of BEPZA, Member (Investment Promotion) Md. Ashraful Kabir signed the agreements. The signatories for the companies were Liao Weijun, Chairman of Tai Ma Shoes (BD) Company; Zhang Guangjin, General Manager of Bangladesh Xinxing Leather Company; Hu Xinlin, General Manager of Anre Holding (BD) Company; and Md. Morshed Khan, Managing Director of Raptox Industries.

Among the four, the largest investment will come from China’s Tai Ma Shoes (BD) Company, which will invest $55.1 million to set up a shoe manufacturing plant. The factory will produce 7 million pairs of shoes annually and create employment for 5,900 people.

Singapore’s Bangladesh Xinxing Leather Company will invest $25 million in a leather processing factory that will produce 36 million square feet of finished leather annually from crust leather, generating over 500 jobs.

Anre Holding (BD) Company, a China-Singapore joint venture, will invest $20 million to establish a service-oriented testing laboratory. This facility will provide quality testing for products and raw materials produced in factories within the BEPZA Economic Zone, creating jobs for 770 Bangladeshis.

Additionally, Bangladeshi company Raptox Industries will invest $11.2 million to manufacture equipment for the readymade garment industry, creating employment for 457 people.

Welcoming the new investors, BEPZA Executive Chairman Major General Mohammad Moazzem Hossain assured that continuous support would be provided to ensure uninterrupted business operations. He said that BEPZA is constantly modernizing its service delivery systems to ensure maximum investor satisfaction. Urging the new companies to begin construction quickly and start export operations, he also invited investors to consider investments in the electronics sector.

At the same event, BEPZA Member Md. Ashraful Kabir encouraged Chinese investors to explore investment opportunities in two upcoming EPZs Jashore and Patuakhali EPZs as new potential areas for development.