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 is to 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 organizations 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 its current endeavor here is successful.
At the agreement signing ceremony, Beza Executive Chairman Shaikh Yusuf Harun said the organization 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 center.
Makalot (BD) Ltd Chairman Chou Hsin Peng said, “There is a good environment for investment in Bangladesh. We have factories in China, Cambodia, Indonesia, the 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.”
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.”
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.