Park Handbag BD Ltd, a South Korean firm operating in Bangladesh, is investing $80 million to establish a garments factory at the BEPZA Economic Zone in Mirsharai upazila of Chattogram.
Once complete, the unit will produce handbags, backpacks and luggage alongside knit and woven apparel, according to the Bangladesh Export Processing Zones Authority (BEPZA).
To this end, the investment promotion agency signed a lease agreement with Park Handbag BD on 26 January at the BEPZA Complex in Dhaka.
The agreement was signed by Md Tanvir Hossain, executive director (investment promotion) of BEPZA, and Beomjoon Park, chairman of Park Handbag BD.
BEPZA Executive Chairman Major General Mohammad Moazzem Hossain witnessed the signing ceremony.
Under the agreement, the South Korean firm will develop the project on 57,600 square metres of land at the economic zone.
The factory’s product range will include polo shirts, T-shirts, padded and down jackets, trousers, sportswear and undergarments, BEPZA said.
Once fully operational, the project is expected to create 10,960 employment opportunities.
The company plans to export its products to the United States, United Kingdom, European Union, South America and Asian markets.
Speaking at the signing, Beomjoon said the company would manufacture bags for global brands, including Coach and Kate Spade.
Meanwhile, BEPZA’s executive chairman said they would provide round-the-clock support.
Hossain also urged the company to encourage other South Korean entrepreneurs to consider investing in BEPZA-administered zones.
The signing was attended by BEPZA members Abdullah Al Mamun and ANM Foyzul Haque.
Executive directors Md Khorshid Alam, Samir Biswas and ASM Anwar Parvez were also present, along with other senior officials from both sides.
