Export from KEPZ rises
Export from factories in Korean Export Processing Zone (KEPZ) in Chatto-gram are increasing day by day. The sponsor of the EPZ South Korea's Youngone Corporation, alone shipped products worth $200 million in 2017. With $100 million already earned in the past four months, it hopes to rake in $220 million this year and double that in 2021.
Nine new factories will go into operations this year, joining the existing 25 in the zone located in Anwara upazila.By 2021, Youngone plans more than 36 factories to be up and running and the foundations ready for 100 in total. The Kepz official credited the rise in the number of clients by some 10-15 to reach 25.
The journey started with just one shoe factory and now there are 24 others for textiles. Companies like Samsung and LG are interested to invest in the EPZ but are being deterred by the delay in land mutation. It is hoped that the formalities would end soon. The company has already invested about $300 million and says $1.2 billion will be gradually poured into the zone in total.
According to the manufacturer, direct jobs would double in 2021 from some 20,000 at present, 90 percent of whom are locals. Its target is to create 100,000 jobs. Indirect job, which doubles direct jobs at every stage, will total 200,000.
During a recent visit, it was found that the construction is underway for IT industries, a product research, design and development zone, and a female workers' dormitory. Other facilities in the making include a university building for 3,000 students, schools, colleges, hospitals and vocational institutions, all expected to be complete by 2021.
Production was also found running in full swing at Karnaphuli Shoes, Karnaphuli Garments, Karnaphuli Polyester Products, Evertop Product Development Company, Gaya Product Develop-ment Company and Dei-Go Product Development Company.
The 2,492-acre area 22 kilometers off the port city was handed over to Korean EPZ Corporation (BD) Ltd, a subsidiary of Youngone, in 1999 following an agreement between Bangladesh and South Korea in 1995.
Source: https://dailyasianage.com
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