Bangladeshi company CIP Ltd will invest $6.23 million to set up a bag and luggage manufacturing industry in Mongla Export Processing Zone.

The company has signed an agreement with Bangladesh Export Processing Zones Authority (Bepza) to this effect at Bepza Complex in Dhaka today, according to a press release.

Ali Reza Mazid, member for investment promotion at Bepza, and CIP Ltd Chairman MA Hanif Bhuiyan signed the agreement in the presence of Bepza Executive Chairman Major General Abul Kalam Mohammad Ziaur Rahman.

As per the agreement, CIP Ltd will produce 9.5 million pieces of backpacks, soft luggage, hard luggage, duffle, trolley, school bag and ladies handbag annually.

The investment will generate employment opportunities for 1,550 Bangladeshi nationals, Bepza said.