Dhaka: The Bangladesh Export Processing Zones Authority (BEPZA) has signed a lease agreement with South Korean company Park Handbag BD Ltd to establish a significant manufacturing facility in the BEPZA Economic Zone at Mirsarai, Chattogram. The agreement, inked on Monday at the BEPZA Complex in Dhaka, marks a substantial investment of US$ 80 million aimed at bolstering industrial growth and creating employment in the region.

According to United News of Bangladesh, the agreement was formalized with Md Tanvir Hossain, Executive Director (Investment Promotion) of BEPZA, and Beomjoon Park, Chairman of Park Handbag BD Ltd, representing their respective organizations. BEPZA Executive Chairman Major General Mohammad Moazzem Hossain was present to witness the signing ceremony.

Under the terms of the agreement, Park Handbag BD Ltd will develop their project on 57,600 square meters of land. The facility will focus on the production of handbags, backpacks, luggage, and an array of knit and woven garments, including polo shirts, T-shirts, padded and down jackets, trousers, sportswear, and undergarments. The project is projected to create employment for 10,960 Bangladeshi nationals upon reaching full operational capacity.

The products manufactured at this facility will be exported to key global markets such as the USA, the UK, the European Union, South America, and Asia. In welcoming the South Korean investor, the BEPZA Executive Chairman reiterated the authority’s dedication to offering continuous support and facilitation to investors. He also encouraged Park to motivate other South Korean entrepreneurs to explore investment possibilities within BEPZA’s EPZs and Economic Zones.

BEPZA is actively working to modernize its service delivery through enhanced automation, digitalization, and efficiency to better serve investors. “We should do better than yesterday,” remarked the Executive Chairman, emphasizing the organization’s commitment to competitiveness and responsiveness.

During the ceremony, Beomjoon Park expressed confidence in Bangladesh’s potential as a competitive manufacturing hub. He also commended BEPZA for its swift, efficient, and investor-friendly services, highlighting that Park Handbag BD Ltd will manufacture products for renowned global brands like Coach and Kate Spade.