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S Korean apparel company to invest $5.23m in CEPZ

BEPZA & Ms JW Apparel Limited sign deal in this regard in city on Monday

January 14, 2020 00:00:00

An apparel company from the Republic of Korea (ROK) will establish a readymade garment (RMG) industry in Chattogram Export Processing Zone (CEPZ), reports BSS.

South Korean Ms JW Apparel Limited will set up the RMG industry at the CEPZ with an investment of US $5.23 million.

The Bangladesh Export Processing Zones Authority (BEPZA) and Ms JW Apparel Limited signed an agreement in this regard at BEPZA Complex in the capital on Monday, said a press release.

Member (Investment Promotion) of BEPZA Zillur Rahman and Managing Director of Ms JW Apparel Limited Ms Ji Won Oh inked the agreement on behalf of their respective organisations at a ceremony.

BEPZA Executive Chairman Major General S M Salahuddin Islam witnessed the signing of the agreement by the two sides.

This fully foreign owned company will produce annually 2.1 million pieces of various kinds of apparel, specially jackets, pants, vest and blanket.

JW Apparel will create employment opportunity for at least 1,338 Bangladeshi nationals.

BEPZA Member (Finance) Mizanur Rahman, General Manager Nazma Binte Alamgir and General Manager Md Tanvir Hossain were present, among others, on the occasion.

Meanwhile, the BEZA is set to hand over land in this month (January, 2020) for setting up Korea industrial complex in the country.

The land will be handed over soon as per the requirement of Korea Industrial Complex (KIC) Company Limited.

KIC has submitted proposal for over 500 acres of land in the Bangabandhu Sheikh Mujib Shilpa Nagar (BSMSN), at Mirsarai, Sitakundu and Sonagazi upazillas under Chattogram and Feni districts for setting up the industrial complex. The BSMSN is situated in Bay of Bengal and convenient to transport freight by a water channel.

In another development, South Korea's SK Group has expressed its interest to set up industry at the 30,000-acre Mirsarai Economic Zone in Chattogram. Another ROK entity, Super Petrochemical, also showed interest to invest $2.38 billion in petrochemicals in Chattogram.

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