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Chinese company to invest $21.85m in Bangladesh

A Chinese company ‘Unicorn Handbag Limited’ has signed an agreement to invest USD21.85 million to set up a carry bag and luggage manufacturing industry in BEPZA Economic Zone.

Bangladesh Export Processing Zones Authority (BEPZA) and the Chinese company signed an agreement on Wednesday with the to this effect at BEPZA Complex in the city, said a press release.

In the presence of BEPZA Executive Chairman Major General Abul Kalam Mohammad Ziaur Rahman, BSP, Member (Investment Promotion) of BEPZA Md. Ashraful Kabir and Managing Director of Unicorn Handbag Limited Zheng Shuyong signed the agreement on behalf of their respective sides.

This Chinese company will produce annually 1.7 million pieces of backpack and handbag, wallet, bag, cap, belt, and luggage where 2,000 Bangladeshi nationals will get employment opportunity.

Welcoming Unicorn Handbag Limited, BEPZA Executive Chairman hoped that their investment will have a significant impact on Bangladesh’s Foreign Direct Investment (FDI) landscape.

Member (Engineering) Mohammad Faruque Alam, Member (Finance) A N M Foyzul Haque, Executive Director (Enterprise Services) Md Khorshid Alam and Executive Director Moshiuddin Bin Mesbah were present at the signing ceremony.