Taiwanese apparel manufacturer Makalot Industrial Co Ltd has signed an agreement with the Bay Economic Zone to acquire space for building a factory in Gazipur.
The company registered in Bangladesh as Makalot (BD) Ltd will invest around $17 million to set up a factory over 10,119 sq-m of space, where around 1,500 employment opportunities will be created.
Bay Group Managing Director Ziaur Rahman and Makalot (BD) Ltd Chairman Chou Hsin Peng signed the agreement on behalf of their respective organisations at the Bangladesh Economic Zones Authority (Beza) office in the capital on Tuesday.
The company that produces sportswear, ready to wear garments, sleepwear, leisure clothing and outdoor garments will set up two more factories in Bangladesh if their current endeavour here is successful.
At the agreement signing ceremony, Beza Executive Chairman Shaikh Yusuf Harun said the organisation has been able to create a healthy investment-friendly environment in Bangladesh. Currently, online services to investors are ensured by setting up a one stop service centre.
Makalot (BD) Ltd Chairman Chou Hsin Peng said, “There is a good environment for investment in Bangladesh. We have factories in China, Cambodia, Indonesia, Philippines and Vietnam. Bangladesh is the sixth country where we are setting up a factory. This is our first step in the country, and we will further increase our investment here.”
“Bangladesh is a highly populated country, so the workforce is available here, which is a challenge for many other countries,” Chou Hsin Peng told The Business Standard.
“Besides, RMG accessories are more affordable here compared to other countries. We are interested in investing here due to these reasons. We are hopeful that many foreign buyers will come to Bangladesh to buy our products,” he added.
Bay Group Managing Director Ziaur Rahman said, “Makalot will start setting up the factory quickly. We are contacting more Taiwanese companies to invest in Bangladesh. If the investment continues, the Bay Economic Zone will become known as the Taiwanese investment hub.”
“A number of Taiwanese companies are considering relocating their businesses from Vietnam. Their eyes are now on Bangladesh. Several companies in Taiwan are exploring the potential of investment in ready-made garments and leather goods sectors. They have been planning to make big investments,” Ziaur Rahman told TBS.
He said the government’s investment friendly policy, increased port facilities, development of communication systems and availability of a young workforce are encouraging foreign investors to invest in Bangladesh.
Sources at Beza said, Makalot Industrial Co Ltd has been working as a global supply chain coordinator since 1990. Their turnover was $1.1 billion in 2022. The company with over 34,000 employees in 18 factories in five countries produces 180 million pieces of garments annually.
