CIP Limited to invest $6.23m in Mongla EPZ

CIP Limited, a Bangladeshi company, is going to set up a bag and luggage manufacturing industry in Mongla Export Processing Zone (EPZ) with an investment of $6.23 million.
It signed an agreement with the Bangladesh Export Processing Zones Authority (BEPZA) to this effect at the BEPZA Complex in the city on Wednesday, says a press release.
BEPZA Member (Investment Promotion) Ali Reza Mazid and Chairman of CIP Limited MA Hanif Bhuiyan signed the agreement on behalf of their respective organisations.
BEPZA Executive Chairman Major General Abul Kalam Mohammad Ziaur Rahman, Executive Director (Administration) ANM Foyzul Haque, Executive Director (Investment Promotion) Md Tanvir Hossain and Executive Director (Public Relations) ASM Anwar Parvez were present at the signing ceremony.
Major General Abul Kalam said two other luggage and bag manufacturing companies were successfully operating their business in Mongla EPZ.
Hanif Bhuiyan said CIP Limited would start their commercial production by November 2024 after completing the construction of the factory within the next 6-8 months.
He said they could use Mongla Port instead of Chittagong Port for import-export related activities, which would be more cost-effective and time-saving for them.
CIP Limited will produce annually 9.5 million pieces of backpacks, soft luggage, hard luggage, duffles, trolleys, school bags and ladies' handbags. About 1550 Bangladeshi nationals will get employment opportunities in this company.