B Mirror Report:  The Bangladesh Export Processing Zones Authority (BEPZA) has signed a lease agreement with South Korean company Park Handbag BD Limited to set up a factory for producing bags, luggage and high-end garments at the BEPZA Economic Zone in Mirsarai, Chattogram. With this agreement, BEPZA has achieved another significant milestone in Bangladesh’s industrial development.

The agreement, involving a proposed investment of USD 80 million, was signed on Monday (26 January) at the BEPZA Complex in Dhaka. BEPZA Executive Director (Investment Promotion) Md Tanvir Hossain signed on behalf of BEPZA, while Mr. Bomjun Park, Chairman of Park Handbag BD Limited, 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 Limited will establish the factory on 57,600 square meters of land. The facility will produce handbags, backpacks, luggage, as well as knit and woven garments such as polo shirts, T-shirts, padded and down jackets, trousers, sportswear and undergarments. Once fully operational, the project is expected to create employment for around 10,960 Bangladeshis. The products will be exported to the United States, the United Kingdom, the European Union, South America and various Asian countries.

Welcoming the South Korean investor, the BEPZA Executive Chairman reaffirmed BEPZA’s commitment to providing 24-hour uninterrupted services and support to investors. He also urged the chairman of Park Handbag BD Limited to encourage more South Korean entrepreneurs to invest in the EPZs operated by BEPZA and in the BEPZA Economic Zone.

At the event, he said BEPZA is continuously modernizing its service delivery system and expanding automation and digital services to better serve investors. “We must constantly do better than before, which reflects BEPZA’s commitment to maintaining its competitive and investor-friendly position,” he added.

Speaking at the ceremony, Mr. Bomjun Park said their company would manufacture bags for globally renowned brands such as Coach and Kate Spade. He described Bangladesh as a promising manufacturing destination and praised BEPZA for its fast, easy and investment-friendly services.

Also present at the signing ceremony were BEPZA Member (Engineering) Abdullah Al Mamun, Member (Finance) A N M Faizul Haque, Executive Director (Enterprise Services) Md Khurshid Alam, Executive Director (Administration) Samir Biswas, Executive Director (Public Relations) ASM Anwar Parvez, along with other senior BEPZA officials and representatives of Park Handbag BD Limited.