Chinese company Home Joy Socks Bangladesh Co Ltd is set to invest $50 million to establish a socks and garments manufacturing facility in the Bepza Economic Zone (Bepza EZ). According to a press release, the Bangladesh Export Processing Zones Authority (Bepza) recently signed an agreement with the company at the city’s Bepza Complex.

In the presence of Bepza Executive Chairman Major General Abul Kalam Mohammad Ziaur Rahman, BEPZA Member (Investment Promotion) Md Ashraful Kabir, and Managing Director of Home Joy Socks Bangladesh Co Ltd, Fu Wenlong, they signed the agreement on behalf of their respective organizations.

The new facility will have an annual production capacity of 100 million pairs of socks, 100 million pieces of tights, 100 million pieces of lingerie, and 50 million pieces of baby knitwear. The investment will also create 4,980 jobs for Bangladeshi nationals.

Bepza Executive Chairman Abul Kalam expressed gratitude to Home Joy Socks for their investment, particularly in Bepza EZ. He highlighted that this foreign direct investment would significantly contribute to the socio-economic development of Bangladesh.

The signing ceremony was attended by other Bepza officials, including Member (Engineering) Mohammad Faruque Alam, Member (Finance) ANM Foyzul Haque, Executive Director (Admin) ASM Zamshed Khondaker, Executive Director (Investment Promotion) Md Tanvir Hossain, Project Director of Bepza EZ Mohammad Anamul Haque, and Executive Director (Public Relations) ASM Anwar Parvez, along with representatives from Home Joy Socks.

Located in Mirsharai, Chattogram, the Bepza EZ is Bepza’s largest venture to date. So far, 33 companies, including Home Joy Socks, have signed agreements to invest, bringing the total proposed investment to $768.46 million. Among them, three companies have already commenced commercial operations.

Source: The Business Standard