Label Makers to invest $1.14m in Dhaka EPZ

With a view to grab export market and cater to local demands, Label Makers Limited, a local garment acessories maker, will invest $1.14 million to eastablish a factory in Dhaka Export Processing Zone (DEPZ).

To make the investment, Label Makers Limited signed an agreement with Bangladesh Export Processing Zones Autority (BEPZA) on Thursday.

BEPZA Member (Engineering & Investment Promotion-additional charge) Mohammad Faruque Alam and Managing Director of Label Makers Md. Shahriar inked the agreement on behalf of their respective organisations.

Executive Chairman of BEPZA Major General Md Nazrul Islam was present during the signing ceremony.

“Primarily we have signed the agreement to invest $1.14 million in DEPZ but the total investment will be $3.6 million,” said Md. Shahriar.

“I am hopeful of completing building the establishment by the end of this year, while production would start from January next year. With the completion of the projects, it will create employment for about 1000 people,” said Shahriar.

“Our target is to create products, which are being imported to meet the local demands which is growing with time,” he added.

The company will produce annually 1633 million pieces of label, Hang tag, elastic, paper packaging, seal cord, loop, self-adhesive sticker, RFID label, poly bag, biodegradable poly bag, pet film image and heat transfer label.

Among others, Secretary Md. Zakir Hossain Chowdhury, General Manager (PR) Nazma Binte Alamgir and General Manager (IP) Md. Tanvir Hossain of BEPZA witnessed the signing ceremony.

In order to stimulate rapid economic growth of the country, particularly through industrialisation, the government adopted an ‘Open Door Policy’ to attract foreign investment to Bangladesh. BEPZA is the official organ of the government to promote, attract and facilitate foreign investment in the EPZs. Besides, BEPZA as the competent authority performs inspection and supervision of the compliances of the enterprises related to social & environmental issues, safety & security at work place in order to maintain harmonious labour-management & industrial relations in EPZs. The primary objective of an EPZ is to provide special areas where potential investors would find a congenial investment climate free from cumbersome procedures.