Dhaka, Bangladesh (BBN) – Indian company, M/s. VIP Industries Limited has set up a new company in Bangladesh in the name of M/s. VIP Industries Bangladesh Private Limited.
They will set up a Bag and Luggage Manufacturing industry in Mongla Export Processing Zone of Bangladesh, an announcement said on Monday.
This fully foreign owned company will invest US$13.14 million in setting up of their unit and will manufacture Bag and Luggage items. The company will also create employment opportunity for 436 Bangladeshi nationals.
An agreement to this effect was signed between Bangladesh Export Processing Zones Authority (BEPZA) and M/s. VIP Industries Bangladesh Private Limited in BEPZA Complex in the capital Dhaka on the day.
Sayed Nurul Islam, Member, (Investment Promotion), BEPZA and Ajak K. Pathak, Director of M/s. VIP Industries Bangladesh Private Limited signed the agreement on behalf of their respective organizations.
Major General A T M Shahidul Islam, Executive Chairman, AKM Mahabubur Rahman, Member (Finance), Md Shawkat Nabi, Secretary, AZM Azizur Rahman, General Manager (Investment Promotion), SM Akhter Alam Mostafi, General Manager (Public Relations) and other officials of BEPZA were present at the signing ceremony.
BBN/SSR/AD-14May12-9:30 pm (BST)