Chinese Home Joy Socks to invest $50m in Bepza EZ for setting up socks and garments industry

Chinese company Home Joy Socks Bangladesh Co Ltd is going to invest $50 million to set up a socks and garments manufacturing industry in the Bepza Economic Zone (Bepza EZ). 

Bangladesh Export Processing Zones Authority (Bepza) signed an agreement with the company to this effect at Bepza Complex in the city recently, reads a press release.

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 signed the agreement on behalf of their respective organisations.

This Chinese company will produce annually 100 million pairs of socks, 100 million pcs of tights, 100 million pcs of lingerie and 50 million pcs of baby knitwear. The company will create employment opportunities for 4,980 Bangladeshi nationals.

Bepza Executive Chairman Abul Kalam thanked Home Joy Socks for investing in Bangladesh, especially in Bepza EZ.

He hoped that the foreign direct investment of this company will have a significant impact on socio-economic development of Bangladesh.

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 of the enterprise were present during the signing ceremony.

The Bepza EZ, located at Mirsharai in Chattogram, is the largest venture of Bepza.

So far, 33 companies, including Home Joy Socks, signed agreements with a total proposed investment of $768.46 million to set up industries in this zone. Among them, three have already started commercial operation.