Home Joy Socks To Invest US$ 50M In BEPZA Economic Zone
Chinese company Home Joy Socks Bangladesh Co. Ltd. is set to invest $50 million to establish a socks and garments manufacturing facility in the Bangladesh Export Processing Zones Authority Economic Zone (BEPZA EZ).
BEPZA recently signed an agreement with the company at BEPZA Complex in Dhaka. The agreement was signed by BEPZA’s Member (Investment Promotion), Md. Ashraful Kabir, and Home Joy Socks Bangladesh’s Managing Director, Fu Wenlong, in the presence of BEPZA Executive Chairman, Major General Abul Kalam Mohammad Ziaur Rahman.
Home Joy Socks will produce 100 million pairs of socks, 100 million pieces of tights, 100 million pieces of lingerie, and 50 million pieces of baby knitwear annually. The company will also generate employment for 4,980 Bangladeshi nationals, according to a report from BSS.
BEPZA Executive Chairman expressed his gratitude to Home Joy Socks for investing in Bangladesh, particularly in the BEPZA Economic Zone, and highlighted the positive impact this foreign direct investment (FDI) will have on the country’s socio-economic development.
Present at the ceremony were BEPZA members Mohammad Faruque Alam (Engineering), A N M Foyzul Haque (Finance) and Md. Tanvir Hossain (Investment Promotion), along with other officials and representatives from both BEPZA and the company.
BEPZA EZ, located in Mirsharai, Chattogram, is the largest project of BEPZA. To date, 33 companies, including Home Joy Socks, have signed agreements, with a total proposed investment of $768.46 million. Three companies have already commenced commercial operations.
