Taiwan-based apparel manufacturer Makalot to invest $17m in Bangladesh

Taiwanese apparel manufacturer Makalot Industrial Co Ltd is going to invest $17 million in Bangladesh to set up a factory in the Bay Economic Zone in Gazipur. 

According to Bangladesh Economic Zones Authority (Beza) sources, the Bay Economic Zone today will sign an agreement with Makalot (BD) Ltd for allotting over 10,000 square metres of space in the Bay Economic Zone.

The company will create employment opportunities for around 1,500 people. It will produce active sportswear, ready to wear garments, sleepwear, leisure clothing and outdoor garments.

The agreement signing ceremony will be held in the capital, where Beza Executive Chairman Shaikh Yusuf Harun will be the chief guest. 

Shaikh Yusuf Harun told The Business Standard, "Foreign investment prospects at this time are very positive for Bangladesh. Following this company, more investors will come to Bangladesh."

"A month ago, Bay Group Managing Director Ziaur Rahman came to my office with the Taiwanese investors. They were very interested in investing in Bangladesh. The Taiwanese company has a factory in Vietnam. They could have expanded their business in Vietnam, but they decided to come here," he added.

Currently, over 33,000 employees work in Makalot's factories in Indonesia, Vietnam, Cambodia, China and the Philippines. The company's state-of-art enterprise resource planning (ERP) system has made it the leader of the apparel industry in Taiwan, and a strategic partner for major retailers across the US, Europe, Japan, Taiwan and China, says its website.

According to Beza sources, about $67.5 million has already been invested in the Bay Economic Zone.

The Beza has set a target of building 100 economic zones by 2030 to create employment for 10 million people. It also expects to produce and export products worth $40 billion annually in and from these economic zones.