Korean company to set up manufacturing facility

In a major boost to Bangladesh's industrial landscape, South Korean company Park Handbag BD Ltd has signed a lease agreement with the Bangladesh Export Processing Zones Authority (BEPZA) to establish a large-scale manufacturing facility at the BEPZA Economic Zone in Mirsharai, Chattogram.

The agreement, involving a proposed investment of US$ 80 million, was signed at the BEPZA Complex in Dhaka on Monday. Md. Tanvir Hossain, Executive Director (Investment Promotion) of BEPZA, and Beomjoon Park, the Chairman of Park Handbag, signed the agreement in presence of BEPZA Executive Chairman Major General Mohammad Moazzem Hossain, says a press statement.

Under the agreement, Park Handbag will develop the project on 57,600 square metres of land to manufacture a wide range of products, including handbags, backpacks, luggage and both knit and woven garments, including polo shirts, T-shirts, padded and down jackets, trousers, sportswear, and undergarments.

Once fully operational, the project is expected to create employment opportunities for 10,960 Bangladeshi nationals. The finished products will be exported to major global markets, including the USA, UK, European Union, South America and Asia.

Welcoming the South Korean investor, the BERPZA Executive Chairman reaffirmed BEPZA's commitment to providing round-the-clock facilitation.

He urged Beomjoon Park to encourage other South Korean entrepreneurs to explore investment opportunities in BEPZA-administered EPZs and Economic Zones.

He also noted that BEPZA is continuously modernising its service delivery system, expanding automation and digital services, and improving efficiency to better serve investors.

"We should do better than yesterday," he remarked, emphasising BEPZA's drive to remain competitive and responsive to investors' needs.

Speaking at the ceremony, Beomjoon Park said that Park Handbag will manufacture bags for globally renowned brands such as Coach and Kate Spade, and expressed strong confidence in Bangladesh as a competitive manufacturing destination.

He praised BEPZA for its fast, efficient and investor-friendly services.

The ceremony was attended by Abdullah Al Mamun, Member (Engineering); A N M Foyzul Haque, Member (Finance); Md. Khorshid Alam, Executive Director (Enterprise Services); Samir Biswas, Executive Director (Administration); A.S.M. Anwar Parvez, Executive Director (Public Relations); along with senior officials of BEPZA and representatives of Park Handbag BD Ltd.