South Korean Firm to Boost Bangladesh’s Shoe Accessory Industry with a Significant Investment

Historic Investment for Shoe Accessories

In a strategic move to leverage Bangladesh’s rapidly growing footwear industry, South Korean company, Dongwoo BD Ltd., is pouring $8.62 million into the creation of a new manufacturing facility dedicated to shoe accessories. Situated in the BEPZA Economic Zone (EZ), the new enterprise is a testament to the rising interest of foreign investors in the Bangladeshi market, and the potential the country holds in becoming a global hub for footwear and its associated industries.

The decision to invest was formalized on August 10th, through an agreement signed at the BEPZA Complex in Dhaka. Representing the two sides were Kim Dong Kyu, chairman of Dongwoo BD Ltd., and Ali Reza Mazid, member (Investment Promotion) of BEPZA.

Generating Employment and Productivity

The factory, set to be a wholly foreign-owned entity, promises more than just an augmentation of Bangladesh’s manufacturing prowess. It’s slated to offer jobs to a whopping 513 local Bangladeshi residents. Furthermore, the expected annual production output stands at an impressive 3.6 million meters of PU Synthetic Leather. This not only enriches the nation’s export potential but also ensures an influx of quality products into the local market.

Major General Abul Kalam Mohammad Ziaur Rahman, the executive chairman of BEPZA, who graced the signing ceremony, underscored the significance of such ventures in enhancing Bangladesh’s industrial landscape and fostering foreign relations.

The event also witnessed the presence of key figures from BEPZA, including Mohammad Faruque Alam, a member of the engineering department. Executive Directors Nazma Binte Alamgir, Md Tanvir Hossain, and Md Khorshid Alam were among the prominent attendees, reflecting the weight of the agreement.

A Stepping Stone to Greater Ventures

With the foundation of this facility, both South Korea and Bangladesh look forward to deepening their economic ties. This investment can be seen as a vote of confidence in Bangladesh’s thriving industrial sector, paving the way for more foreign businesses to explore opportunities within the nation.