Exporters of Tailor Made Garments and Stocklots

Japanese apparel giant signs $25 million agreement with local RMG

A Japanese apparel giant,  Kojima IRYO Company, has signed a $25 million agreement with a local export oriented readymade garment (RMG)manufacturer, Lyric Garments Ltd, to establish a composite factory in Gazipur, Bangladesh, to produce and export quality suits for the Japanese and US markets.

The Japanese –Bangladesh venture plans to set up an RMG unit with an initial investment of 2.4 million, but Imrul Anwar Liton, managing director of the Lyric Garments ltd, advises that they plan to increase this to $25 million and to create jobs from the present 500 people to 3000 within two years.

Industries Minister, Dilip Burua, was invited to the inaugural ceremony where he promised to extend all possible support and to protect the investment. Chairman of Lyric Group of Bangladesh Gazi Mazharul Anwar chaired the inaugural session while Japanese Ambassador to Bangladesh Tamotsu Shinotsuka spoke as the special guest. Kojima IRYO Company Chairman Masamori Kajima, President Hiroshi Wada and Managing Director Maekawa also delivered speeches.

Industries Minister Dilip Burua advised that the government has attached priority to the industrial sector and so it has already approved a new national industrial policy to boost industrialization process and ensure rapid economic growth. He also said that Bangladesh will benefit immensely from the Japanese technical know-how in the apparel sector and that the government is providing diversified and flexible investment options to local and foreign investors in Bangladesh.

The Japanese ambassador credited Bangladesh for the robust growth in its readymade garment industry exports and said that Bangladesh was the next destination for Japanese investment. He also emphasized the need to carry out research and for transferring technology.

Masamori Kajima of Kojima IRYO Company said that they decided to invest in Bangladesh after labour costs increased 10 fold since 1990, when they established a company in China. He believes Bangladesh is the next production centre.

A survey conducted by a UK based magazine of 700 economic zones in the world ranked Chittagong Export Processing Zone (CEPZ) fourth best for economic potential and third best for cost effectiveness.

Categories: News

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