$23m investment proposals to reopen Beximco factory

British firm Charter HCP Ltd and Chinese company Besting Ltd have proposed investing $23 million to partially reopen Beximco Group’s Prefix Fashions factory at its industrial park in Gazipur under a five-year lease arrangement.

If approved, the factory is expected to resume production in April next year, mainly manufacturing export-oriented jackets.

Around 2,500 workers could be employed, with jackets accounting for about 90% of output.

Under the proposed model, export earnings would be used to repay loans owed to banks holding liens over the factory’s assets.

The arrangement will require approval from Invest Bangladesh and Bangladesh Bank.

The investors expect the factory to export garments worth around $500 million within two to three years.

If the model succeeds, Beximco plans to gradually reopen its other 15 closed factories, potentially creating jobs for more than 30,000 workers.