China-based Home Joy Socks Bangladesh Company Limited recently signed an agreement with the Bangladesh Export Processing Zones Authority (Bepza) to invest $50 million in a sock and garment manufacturing factory in the Bepza Economic Zone.

The company has set a target of producing 100 million pairs of socks, 100 million pairs of tights, 100 million pieces of lingerie, and 50 million pieces of knitwear for infants annually.

The investment will create employment opportunities for 4,980 Bangladeshi nationals at the Bepza Economic Zone factory in Mirsarai, Chattogram.

According to a press release, Md Ashraful Kabir, a member (investment promotion) of Bepza, and Fu Wenlong, managing director of the company, she penned the deal at Bepza Complex in Dhaka.

Maj Gen Abul Kalam Mohammad Ziaur Rahman, executive chairman of Bepza, thanked the company for deciding to invest in the Bepza Economic Zone.

He hoped that this company’s foreign direct investment would significantly impact Bangladesh’s socioeconomic development.

So far, 33 companies, including Home Joy Socks Bangladesh Company Limited, have signed agreements proposing to invest $768.46 million to set up factories inside the Bepza Economic Zone. Among them, three have already started commercial operations.

Mohammad Faruque Alam, member (engineering) of Bepza Economic Zone; ANM Foyzul Haque, member (finance); ASM Zamshed Khondaker, executive director (admin); Md Tanvir Hossain, executive director (investment promotion); and Mohammad Anamul Haque, project director, were also present.