Chinese garment manufacturer to invest $50 mn in Bangladesh's BEPZA

13 Sep '24

1 min read

Chinese garment manufacturer to invest $50 mn in Bangladesh's BEPZA

Pic: Bangladesh Export Processing Zones Authority (BEPZA)

Insights

Home Joy Socks will invest $50 million to establish a manufacturing facility in BEPZA.
It will produce 100 million pairs of socks, 100 million tights, 100 million lingerie pieces, and 50 million baby knitwear items annually, creating 4,980 jobs.
This investment adds to BEPZA EZ's growth, which now includes 33 firms with a total investment of $768.46 million.

Chinese company Home Joy Socks Bangladesh will invest $50 million to set up a socks & garments manufacturing industry in Bangladesh Export Processing Zones Authority Economic Zone (BEPZA EZ). BEPZA signed an agreement with the company to this effect at BEPZA Complex, Dhaka.

In the presence of BEPZA executive chairman major general Abul Kalam Mohammad Ziaur Rahman, member (investment promotion) of BEPZA Ashraful Kabir and managing director of Home Joy Socks Bangladesh Fu Wenlong signed the agreement on behalf of their respective organisations.

This Chinese company will produce annually 100 million pairs of socks, 100 million pieces of tights, 100 million pieces of lingerie and 50 million pieces of baby knitwear. The company will create employment opportunities for 4,980 Bangladeshi nationals, BEPZA said in a press release.

Till now, BEPZA EZ, located at Mirsharai, Chattogram, is the largest venture of BEPZA. So far, 33 companies including Home Joy Socks have signed an agreement with a total proposed investment of $768.46 million to set up industries in this zone. Among them, three have already started commercial operations.

Fibre2Fashion News Desk (RR)

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