Insights
- Vernon & Oliver Furniture Company Limited, a China-Malaysia venture, plans to invest $14.55 million in Bangladesh's BEPZA for mattress production, becoming the first in the EPZs and BEPZA EZ to do so.
- They aim to produce 1.8 lakh mattresses annually, creating jobs for 600 locals.
- This move is part of BEPZA's strategy to diversify beyond garments.
Vernon & Oliver Furniture Company Limited, a China-Malaysia owned company, is set to invest $14.55 million in the Bangladesh Export Processing Zones Authority (BEPZA) to produce mattresses. This company will be the first mattress manufacturing industry among the export processing zones (EPZs) and BEPZA EZ.
An agreement to this effect was recently signed between BEPZA and Vernon & Oliver Furniture Company Limited at BEPZA Complex, Dhaka. The new factory will produce 1.8 lakh pieces of spring mattress and foam mattress annually. The venture will provide employment opportunities to around 600 Bangladeshis, BEPZA said in a press release.
Vernon & Oliver Furniture Company Limited, a China-Malaysia venture, plans to invest $14.55 million in Bangladesh's BEPZA for mattress production, becoming the first in the EPZs and BEPZA EZ to do so.
They aim to produce 1.8 lakh mattresses annually, creating jobs for 600 locals.
This move is part of BEPZA's strategy to diversify beyond garments.
BEPZA has encouraged investors to produce diversified products in order to reduce the single dependency on garments. The authority has so far approved a total of 24 enterprises including this one to establish industries in BEPZA EZ and most of them will produce diversified products. The total proposed investment of these enterprises is $510.2 million.
Fibre2Fashion News Desk (NB)
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