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South Korean company Kido Dhaka Limited will invest USD 31.17 million to establish a garment and manufacturing industry at Adamjee Export Processing Zone (EPZ).
Bangladesh Export Processing Zone Authority (BEPZA) and Kido Dhaka Co. Limited signed an agreement on Monday at the BEPZA complex in Dhaka.
BEPZA' member (investment promotion) Ali Reza Mazid and acting director of Kido Dhaka Limited Ahn Young Dae Joseph signed the agreement document on behalf of their respective sides.
Kido is a sportswear manufacturing industry of South Korea. They have also five plants in Vietnam, Myanmar, and Indonesia, reports UNB.
The company has a big investment plan in Bangladesh and primarily they will invest at Adamjee EPZ, said Young Dae.
They also have a plan to takeover sick industrial plants in different export processing zones to modernise those with updated technology, he said.
The company, fully owned by the Korean Kido group, will produce 2 million pieces of jacket, motorcycle safety jacket, leather & fiber jacket, work jacket, sport jacket, fleece jacket, baby warmer, soft shell jacket, sweatshirt, vest, work-wear, coverall, hospital gown, protective cloths and Personal Protection Equipment ( PPE) annually.
The company will create job opportunities for 6040 Bangladeshi nationals.
BEPZA's new chairman Major General Abul Kalam Mohammed Ziaur Rahman and its outgoing chairman Major General Md Nazrul Islam were also present at the agreement-signing ceremony.
BEPZA's outgoing chairman Major General MD. Nazrul Islam said BEPZA contributes 20 per cent of the country's export income from eight EPZs.
Seventy-two companies of South Korea have invested in eight EPZs of Bangladesh so far.