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Sino-Malaysian Co. to invest $14.55m in BEPZA EZ


Sino-Malaysian Co. to invest $14.55m in BEPZA EZ

Vernon and Oliver Furniture Company Limited, a China-Malaysia owned company will produce Mattress by investing US$ 14.55 million in the largest venture of BEPZA. Mattress, is the new addition, to be produced in BEPZA Economic Zone. An agreement to this effect is signed on Sunday (Nov 26) between Bangladesh Export Processing Zones Authority (BEPZA) and Vernon & Oliver Furniture Company Limited at BEPZA Complex in the city, said a press release.

Ali Reza Mazid, Member (Investment Promotion) of BEPZA and Lee Wai Choong, Managing Director of Vernon and Oliver Furniture Company Limited signed the agreement on behalf of their respective organizations. BEPZA Executive Chairman Major General Abul Kalam Mohammad Ziaur Rahman witnessed the signing ceremony.

This company will be the first Mattress manufacturing industry among the EPZs and BEPZA EZ. BEPZA Executive Chairman thanked Vernon & Oliver Furniture Company for choosing BEPZA EZ as their investment destination and wished their successful operation.

The company will produce 1.8 lakh pieces of Spring Mattress & Foam Mattress annually. 600 Bangladeshi nationals will get employment opportunities in this factory.

BEPZA encourages the investors to produce diversified products reducing the single dependency on garments. The Authority has so far approved a total of 24 enterprises including this one to establish industries in BEPZA EZ and most of them will produce diversified product. The total proposed investment of these enterprises is US$ 510.2 million.

Among others, Executive Director (Administration) A N M Foyzul Haque, Executive Director (Investment Promotion) Md. Tanvir Hossain, Executive Director (Enterprise Services) Md. Khorshid Alam and Executive Director (Public Relations) A.S.M. Anwar Parvez along with representatives of the enterprise were present during the signing ceremony.

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