Taiwanese apparel maker to invest $17m in Bay EZ
Makalot (BD) Ltd, a Taiwanese apparel maker, is set to invest $17 million to establish an industrial unit at a private economic zone (EZ) in Bangladesh. The factory is expected to create job opportunities for nearly 1,500 people at the Bay Economic Zone, people familiar with the matter told the FE
Taiwanese apparel maker to invest $17m in Bay EZ
FE REPORT | Published: January 10, 2023 10:58:37
Makalot (BD) Ltd, a Taiwanese apparel maker, is set to invest $17 million to establish an industrial unit at a private economic zone (EZ) in Bangladesh.
The factory is expected to create job opportunities for nearly 1,500 people at the Bay Economic Zone, people familiar with the matter told the FE.
To this effect, the company is set to ink a space allocation agreement today (Tuesday) with the private EZ operator at a ceremony to be held at the headquarters of Bangladesh Economic Zones Authority (BEZA) in the city's Agargaon.
The company will set up its factory in a 10,000 square meters area to manufacture apparel items including active sportswear, sleepwear, leisure, and outdoor outfits.
As per the data available, Bay EZ is the first economic zone in Gazipur, which is located in Kaliakair upazila beside Dhaka-Tangail Highway.
It has already drawn investment from foreign companies including China's Stella International which manufactures world-class footwear for brands like Timberland, Clark, Rockport, and Hush Puppies.
According to BEZA, so far 12 companies got licenses to develop and operate EZs.
Some 32 factories are currently running in the private EZs, while 29 industrial units are now under construction.
The private EZs have created 40,000 jobs and drawn investments amounting to US$ 4.0 billion so far.
BEZA has been working to develop 100 EZs across the country aiming to create 10 million jobs with the government's vision to become a developed nation by 2041.
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