Chinese Co to invest $40m in BEPZA EZ

Published : 04 Dec 2022 06:57 PM

Chinese company Fenix Garment Limited is going to set up a high end garments manufacturing industry in Bangladesh Export Processing Zones Authority (BEPZA) Economic Zone (EZ) with an investment of around US$ 40 million. 

They signed an agreement with BEPZA to this effect at BEPZA Complex in the city, said a press release.

Ali Reza Mazid, Member (Investment Promotion) of BEPZA and Ma Zhuang, Chairman of Fenix Garment Limited, signed the agreement on behalf of their respective organizations. 

BEPZA Executive Chairman Major General Abul Kalam Mohammad Ziaur Rahman congratulated the Fenix Garment for choosing BEPZA EZ as their investment destination.

He assured the investor to provide all sorts of support of BEPZA for setting up the industry and starting operations. 

BEPZA Executive Chairman urged upon the investors for the optimum use of land during the construction of the factory. 

He also requested to keep such provisions in the factory building so that they can use its rooftop for producing renewable energy. 

Ma Zhuang, Chairman of Fenix Garment Limited said, "I have been in Bangladesh for the last 12 years and operating two factories in Cumilla and Chattogram EPZ. Fenix Garment is going to be our third venture under BEPZA". 

He appreciated BEPZA for providing one-stop service to run the business smoothly inside EPZ.

Mentioning the reasons behind investing in Bangladesh, he said, "I have explored many countries across the world for investment but found investment friendly environment, quality workforce of Bangladesh especially the EPZs and BEPZA Economic Zone as the best choice for me to expand my business." 

According to the proposal of Fenix Garment, they will produce annually 10 million pcs of different types of high end garment products including Sports Jacket, Motorcycle Safety Jacket, Coverall, Hospital Gown, PPE, Luggage, Backpacks etc. The factory will create employment opportunities for 15,820 Bangladeshi nationals. 

Mentionable that BEPZA EZ is the largest venture of BEPZA located at Bangabandhu Sheikh Mujib Shilpa Nagar, Mirsharai, Chattogram on 1138.55 acres of land. BEPZA signed agreement with total 15 companies including Fenix Garment to establish factories here. The total proposed investment of the companies is US$ 363.65 million. 

Three companies have already started construction of factory buildings. BEPZA hopes that one of these factories is expected to be first to enter manufacturing by early 2023. 

Among others, Member (Engineering) Mohammad Faruque Alam, Member (Finance) Nafisa Banu, 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, Project Director of BEPZA EZ Md. Abdur Rahman Bhuiyan along with high officials of BEPZA and Fenix Garment were present during the signing ceremony.