Chinese company to invest $50m in BEPZA Economic Zone

Chinese company Venus Beauty Limited is going to set up a hair fashion accessories manufacturing industry in BEPZA Economic Zone with an investment of $50 million.

An agreement to this effect was signed between Bangladesh Export Processing Zones Authority (BEPZA) and Venus Beauty Limited at BEPZA Complex in Dhaka recently. BEPZA Member (Finance) Nafisa Banu and Venus Beauty Limited Executive Consultant AMM Shamsuddin Chowdhury signed the agreement on behalf of their respective organizations. BEPZA Executive Chairman Major General Abul Kalam Mohammad Ziaur Rahman witnessed the signing ceremony, BEPZA said in a statement.

The fully foreign owned company will produce annually 226.09 million pcs of fashion accessories, plastic comb, mirror, headband, pony tailor and pony band. About 4000 Bangladeshi nationals will get employment opportunity in this factory. Mentionable, they have another diversified product manufacturing factory named Tung Hing (BD) Manufacturing Limited in Cumilla EPZ.

Among others, Executive Director (Administration) Md Zakir Hossain Chowdhury, Executive Director (Public Relations) Nazma Binte Alamgir, Executive Director (Investment Promotion) Md Tanvir Hossain, Executive Director (Enterprise Services) Md Khorshid Alam and Project Director of BEPZA EZ Md Hafizur Rahman were present during the signing ceremony.

Mentionable, before this BEPZA signed lease agreement with 7 other companies to set up industry in BEPZA Economic Zone. The companies will invest $120.11 million where 34,952 Bangladeshi Nationals will get employment opportunities.