Bangladesh-based HASFAB Wear Limited has signed an agreement with the Bangladesh Export Processing Zones Authority (BEPZA) for setting up a readymade garment manufacturing unit in Dhaka Export Processing Zone (DEPZ), reports Dhaka Tribune.
The new garment manufacturing unit would be set up at a cost of US$ 6.913 million and would employ about 1,632 people, according to a press release.
The new unit would have an annual capacity to produce 3 million pieces of garments, including polo-shirts, t-shirts, camisole, shapewear and female innerwear.
The agreement was signed by Monirul Islam Khan, managing director of HASFAB Wear and Sayed Nurul Islam, member (investment promotion) of BEPZA.
Established in 1993, DEPZ is spread over 356.22 acres and has 451 industrial plots.
With the presence of more than 5,000 garment factories that together employ nearly 4.2 million workers, Bangladesh is currently the second-largest garment exporter in the world, next only to China.
Garment exports from Bangladesh increased by 14.83 percent to $22.178 billion during the first eleven months of the ongoing fiscal year 2013-14 that began on July 1, 2013, as against $19.313 billion worth of exports made during the corresponding period of the previous fiscal, as per the latest data released by the Export Promotion Bureau (EPB).