Aust-Bangla to invest $12.15 mn in Bangla garment sector

February 13, 2019 - Bangladesh

Aust-Bangla Accessories Ltd, a renowned manufacturer of poly bags and gum-tape, will be investing $12.15 million in Bangladesh’s garment sector. It is among the twelve international companies that would together invest around $5.78 billion through foreign direct investment (FDI) in Bangladesh’s special economic zones (SEZs), generating 13,000 new jobs.

All the 12 companies have signed agreements with Bangladesh Economic Zones Authority (BEZA) for land acquisition, according to Bangladeshi media reports. BESA has already allocated a total of 1,810 acres of land to these companies. Most of the allocated area is in the Mirershorai and Maheshkhali economic zones.

“We’ve signed land allocation agreements with 12 multinational companies which would make $5.78 billion FDI in SEZs,” said BEZA executive chairman Paban Chowdhury to a leading Bangladeshi news agency, adding, “BEZA has approved the investment proposals. In addition, another $5 billion FDI proposal is in the pipeline.”

BEZA is developing separate economic zones for the investors of Japan, China and India. By 2030, BEZA is working to develop 100 economic zones on 75,000 acres of land with the aim of increasing industrialisation, create new jobs, and diversify the country’s export items. This will generate additional $40 billion export. (PC)