Dongwoo BD Ltd, a company hailing from South Korea, is set to invest $8.62 million in Bangladesh.
The investment is set to establish a manufacturing plant for shoe accessories within the Bepza Economic Zone. This move is part of Bangladesh’s strategy to attract foreign direct investment and boost economic growth.
The company, fully owned by foreign entities, aims to produce 3.6 million meters of polyurethane (PU) synthetic leather each year.
This initiative aligns with Bangladesh’s drive to diversify its economy and promote industrial growth through foreign investments.
The Bangladesh Export Processing Zones Authority (Bepza) praised the collaboration’s potential. The investment is claimed to have a positive impact on the local economy.
Moreover, the manufacturing facility will create job opportunities for 513 Bangladeshi citizens. Thus foreign investment can contribute to the country’s workforce.
Dongwoo BD Ltd and Bepza signed an official agreement regarding the investment on August 10 at the Bepza Complex in Dhaka.
The signing ceremony included Bepza Executive Chairman Major General Abul Kalam Mohammad Ziaur Rahman and Dongwoo BD Ltd’s Chairman Kim Dong Kyu.
This agreement signifies a significant step in strengthening the relationship between the two countries. Also, it will help grow Bangladesh’s industrial capabilities and expand its technological prowess.
As a result, the investment will deepen economic ties between South Korea and Bangladesh and highlight the attractiveness of Bangladesh’s economic zones. Because of that, it will deepen the foreign businesses seeking regional footholds.
And so, this collaboration can potentially boost Bangladesh’s manufacturing sector and enhance its export capacity.