Fakir Knitwears to invest $46m in Bangabandhu Shilpa Nagar

One of the leading garment exporters in the country Fakir Knitwears Limited will invest $45.82 million to build a knit composite factory in Bangabandhu Sheikh Mujib Shilpa Nagar.

To this end, the company signed an agreement with the Bangladesh Economic Zone Authority (Beza) to acquire a 15-acre land in the country's largest industrial enclave.

Beza's Executive Member (Investment Development) Md Mozibor Rahman and Fakir Knitwears' Deputy Managing Director Fakir Mashrikuzzaman inked the deal on behalf of their respective sides at a ceremony at the Beza office on Wednesday.

Fakir Mashrikuzzaman expects about 2,000 jobs will be created in the new factory. He said the company has established a state-of-the-art manufacturing unit in the country through skilled manpower and research and development. They have plans to set up similar industries in the country's flagship economic zone.

He said, as a green industry, his company is already keeping its reputation intact in the country and in the world.

The company has been contributing to the garment industry, logistics, and agro-farm sectors since 1936.

Shaikh Yusuf Harun, executive chairman of Beza, said Fakir Knitwears is developing a business with a reputation in the country and international market. Therefore, the tie-up of such a reputable investor with Beza will lead to increased investment in the economic zone as well as product diversification.

He also said that although there are many challenges in providing services to investors in economic zones, Beza is successfully coping with them and ensuring water, gas, and electricity connections through coordination with all government agencies.

He said Beza is working with various development partners to ensure international standards in economic zones by setting up effluent treatment plants centrally.

Bangladesh Economic Zone Authority has started construction of "Bangabandhu Sheikh Mujib Shilpa Nagar" on about 33,000 acres in Mirsarai, Sitakunda, and Sonagazi upazilas of Chattogram and Feni districts.

So far domestic and foreign investment proposals of around $19 billion have been approved in this industrial city. Following this, four companies have already started production.

Another 15 industrial companies have started setting up factories which will start production in phases from September 2023. About 8 lakh employment opportunities will be created in this industrial city, said Beza in a press release.