Dhaka-based Ecolet (Private) Limited is set to invest $15.91 million in BEPZA Economic Zone-1 in Mirsarai, Chattogram, Bangladesh.

The investment agreement was signed between the Bangladesh Export Processing Zones Authority (BEPZA) and Ecolet at the BEPZA Complex in Dhaka on Thursday.

Under the agreement, Ecolet will produce around 6 million LED bulbs, decorative lights and other lamps annually. The products will be exported to major markets in the United States, United Kingdom, European Union and Middle East.

The project is expected to create employment opportunities for 306 Bangladeshi workers.

BEPZA Executive Chairman Major General Mohammad Moazzem Hossain said the authority is working to diversify its export basket by attracting investment in sectors beyond traditional export products. He said the inclusion of LED products would add a new dimension to BEPZA’s ongoing diversification efforts.

BEPZA Member (Investment Development) Tanvir Hossain and Ecolet Managing Director Soliman signed the agreement on behalf of their respective organisations.

Senior BEPZA officials, including Member (Engineering) Abdullah Al Mamun, Member (Finance) A N M Faizul Haque and other officials, were present at the signing ceremony.