Chinese firm to invest $8.07m in BEPZA economic zone

Chinese firm M/s KPST Shoes (BD) Co Limited on Wednesday signed an agreement with Bangladesh Export Processing Zones Authority (BEPZA) to establish a shoes accessories manufacturing industry in BEPZA Economic Zone with an investment of $8.07 million.

BEPZA member (investment promotion) Ali Reza Mazid and KPST Shoes (BD) Co Managing Director LUO Zhexian inked the agreement on behalf of their respective organisations at BEPZA Complex in Dhaka, a press release said.

BEPZA Executive Chairman Maj Gen Abul Kalam Mohammad Ziaur Rahman witnessed the agreement signing ceremony.

The fully foreign-owned company will produce annually 30 million pairs of insole, outsole and midsole along with 0.3 million cubic metres of EVA and PU foam.

The dependency on imports of the materials of export-oriented shoe industries of the country will be decreased by the operation of the factory, read the release.

As many as 2,650 Bangladesh nationals will get employment opportunities in the factory.

BEPZA member (engineering) Mohammad Faruque Alam, member (finance) Nafisa Banu, Executive Director (Admin) Md Zakir Hossain Chowdhury, Executive Director (Investment Promotion) Md Tanvir Hossain, Executive Director (Enterprise Services) Md Khorshid Alam, and BEPZA EZ Project Director Md Hafizur Rahman, among others, were present during the signing ceremony.

Meanwhile, BEPZA has approved a total of 12 enterprises, including KPST Shoes, to establish industries in the economic zone, the largest venture of BEPZA.

The total proposed investment of these enterprises is $251.78 million.