Chinese company Unicorn Handbag has announced a $21.85 million investment in Bepza Economic Zone (Bepza EZ) in Mirsharai, Chattogram, to establish a carry bag and luggage manufacturing industry. The agreement was signed at the Bepza Complex in Dhaka by Md Ashraful Kabir, a member (investment promotion) of Bepza, and Zheng Shuyong, managing director of Unicorn Handbag.

Unicorn Handbag’s investment will facilitate the annual production of 1.7 million pieces of backpacks, handbags, wallets, bags, caps, belts, and luggage, creating employment opportunities for 2,000 Bangladeshi nationals. This initiative is expected to significantly boost the local economy and attract more foreign direct investment (FDI) to Bangladesh.

This investment by Unicorn Handbag is poised to significantly impact Bangladesh’s industrial landscape by enhancing the country’s manufacturing capabilities in the carry bag and luggage sector. It is likely to drive advancements in local infrastructure and technology, as well as necessitate the development of specialized training programs to build a skilled workforce. 

This move could also stimulate auxiliary industries such as logistics, packaging, and quality control, fostering a more robust industrial ecosystem. Furthermore, the investment signals a growing confidence in Bangladesh’s economic environment, potentially paving the way for future foreign direct investments and international partnerships.

Abul Kalam Mohammad Ziaur Rahman, executive chairman of Bepza, expressed optimism about the investment’s potential impact, emphasizing its role in fostering confidence among foreign investors. He highlighted that the $21.85 million investment by Unicorn Handbag will not only enhance local manufacturing capabilities but also set a precedent for future foreign direct investments in Bangladesh.

Source: Bangladesh Export Processing Zones Authority (Bepza)