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 the BEPZA Economic Zone with an investment of $50 million, reports media. 

An agreement was signed between Bangladesh Export Processing Zones Authority (BEPZA) and the fully foreign-owned company in this regard at BEPZA Complex in Dhaka on Monday, a press release of BEPZA said.

BEPZA member (finance) Nafisa Banu and Venus Beauty Limited Executive Consultant AMM Shamsuddin Chowdhury inked the agreement on behalf of their respective organisations.

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

Venus Beauty will produce annually 226.09 million pieces of fashion accessories, plastic comb, mirror, headband, ponytailer and ponyband.

As many as 4,000 Bangladesh nationals will get employment opportunities in this factory, read the release.

The Chinese company operates another diversified product manufacturing factory — Tung Hing (BD) Manufacturing Limited — in Cumilla Export Processing Zone.

BEPZA 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 Economic Zone Md Hafizur Rahman, among others, were present on the occasion.

Earlier, BEPZA signed lease agreements with seven other companies to set up industries in its economic zone.

The companies will invest $120.11 million in the economic zone where 34,952 Bangladeshis will get employment opportunities.