Taiwanese firm invests $17m in Bay Economic Zone

Makalot Industrial Co Ltd, a Taiwanese readymade garment manufacturer, is going to invest $17 million to produce sports shoes and apparel items at the Bay Economic Zone.

The company has secured registration under the name of Makalot (BD) Ltd to invest in Bangladesh, according to a press release from the Bangladesh Economic Zones Authority (Beza).

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Chou Hsin-Peng, chairman of Makalot (BD), and Ziaur Rahman, managing director of Bay Group Ltd, signed an agreement to this end at the office of the Beza in Dhaka yesterday.

Makalot (BD) has rented 10,000 square metres of space at the zone, a privately-owned industrial estate for leather and leather goods, at Kaliakair in Gazipur to set up the factory.

The company will manufacture monoculture active sportswear, ready-to-wear sleepwear, leisure wears and outdoor wear in the factory where at least 2,000 Bangladeshi nationals will get jobs directly.

After signing the deal, Chou Hsin-Peng said Bangladesh has a good investment environment and the company has the plan to raise investments in the future in various other sectors.

Ziaur Rahman said the new investor would start the process of setting up the factory quickly. The Bay Economic Zone will be known as a Taiwanese investment hub if Taiwanese investment continues to flow in, he said.

Sheikh Yusuf Haroon, executive chairman of the Beza, said the Beza has been able to create a healthy investment-friendly environment in Bangladesh.

The private economic zone is playing a supporting role to Beza's investment promotion.

As of December, the Bay Economic Zone has mobilised $67.50 million in investments from local firms, who would create jobs for about 1,500 people collectively.