Chinese Home Joy Socks comes with $50mn investment proposal for BEPZA EZ

Chinese company Home Joy Socks Bangladesh Co. Ltd. is going to invest $50 million to set up a Socks and Garments manufacturing industry in 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, said a press release.

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

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 opportunity for 4980 Bangladeshi nationals, reports BSS.

BEPZA Executive Chairman thanked Home Joy Socks to invest in Bangladesh specially 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) A N M Foyzul Haque, Executive Director (Admin) A.S.M. 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.

Mentionable, BEPZA EZ, located at Mirsharai, Chattogram, is the largest venture of BEPZA. So far, 33 companies including Home Joy Socks signed agreement with a total proposed investment of $768.46 million to set up industries in this zone. Among them, three have already started commercial operation.