Sino-Malaysian Co to invest $14.55 million to produce mattress in Bepza EZ

Vernon & Oliver Furniture Company Limited, a China-Malaysia-owned company, will invest $14.55 million in the Bepza Economic Zone to produce mattresses.

An agreement was signed between Bangladesh Export Processing Zones Authority (Bepza) and Vernon & Oliver Furniture Company Limited at Bepza Complex, Dhaka today (26 November 2023) in this regard, reads a press statement.

Ali Reza Mazid, member (investment promotion) of BEPZA, and Lee Wai Choong, managing director of Vernon & Oliver Furniture Company Limited, signed the agreement on behalf of their respective organisations.

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 export procession zones and Bepza EZ.

Bepza Executive Chairman thanked Vernon & Oliver Furniture Company for choosing Bepza EZ as their investment destination and wished their successful operation.

This company will produce 1.8 lac pcs of Spring Mattress & Foam Mattress annually. 600 Bangladeshi nationals will get employment opportunities in this factory.

Mentionable, Bepza encourages the investors to produce diversified products reducing the single dependency on garments. Bepza authority has so far approved a total of 24 enterprises to establish industries in the economic zone. Most of them will produce diversified products. The total proposed investment of these enterprises is $510.2 million.

Among others, Executive Directors ANM Foyzul Haque, Md Tanvir Hossain, Md Khorshid Alam and Executive Director ASM Anwar Parvez along with representatives of the enterprise were present during the signing ceremony.