Chinese Company Set to Invest $10.73M in BEPZA Economic Zone

Chinese factory Join Win (Bangladesh) Company Limited has announced plans to set up a shoe accessories manufacturing industry in the BEPZA Economic Zone (EZ) with a significant investment of $10.73 million. The agreement was signed with the Bangladesh Export Processing Zones Authority (BEPZA) at the BEPZA Complex, marking a significant milestone for both parties.

Saudi Arabia has offered to make large-scale investments in various sectors of Bangladesh, citing the country's stable government and economic growth. During a meeting with Prime Minister Sheikh Hasina, Saudi Arabian Minister of Investment Khalid A. Al-Faliah and Minister of Economy and Planning Faisal Alibrahim expressed their interest in strengthening relations with Bangladesh.

The Bangladesh Bureau of Statistics (BBS) has secured a funding of $9.65 million from the Korea International Cooperation Agency (KOICA) to enhance its facilities, knowledge sharing, and technology upgrades, as announced by KOICA. The successful completion of the on-site implementation survey for the Capacity Building of Statistics Service based on Platform Project was also revealed.

Bangladesh's leather and leather goods exports have witnessed a notable decline of 17.55% during the period of January to April 2023. This drop in export figures can be attributed to multiple factors impacting the global market, including reduced demand for leather-made luxury items and concerns regarding environmental compliance. According to data from the Export Promotion Bureau (EPB), the country's leather and leather goods exports have decreased by $78.61 million, reaching $369.2 million in comparison to $447.81 million recorded during the same period in 2022.

Chinese company Jibin Technology (BD) has announced a $6 million investment to establish a shoe accessories manufacturing factory in the Bepza Economic Zone (EZ) of Bangladesh. The agreement was signed with the Bangladesh Export Processing Zones Authority (Bepza) to solidify the partnership. The factory will have the capacity to produce six million pairs of shoe accessories annually, including outsoles, midsoles, injection parts, and various components. The project is expected to create employment opportunities for 195 Bangladeshis initially.

Bata Shoe Company (Bangladesh) Ltd, the prominent footwear manufacturer in the country, has witnessed an impressive 99% increase in its net profit during the first quarter of the current year compared to the same period last year. According to an unaudited financial report, the company's net profit rose to Tk 13.63 crore in the January-March period, demonstrating a substantial growth from Tk 6.85 crore in the previous year. Bata Shoe Company (Bangladesh) also reported a revenue of Tk 245 crore in the first three months of this year, up from Tk 214 crore in the corresponding period of 2022.