BANGLADESH: Taiwanese shoe firms invest $100m
Three Taiwanese shoe manufacturers have invested around US$100m in new facilities in Bangladesh's export processing zones, where they hope to take advantage of lower costs to make footwear for export to the EU, US and Canada.
"Increasing production costs in Taiwan and other factory locations in the past year, including China and Vietnam, have forced the Taiwanese shoe manufacturers to invest in Bangladesh,' just-style was told by Frank Wen-Yan Chen, a spokesman at the Taipei Trade Representative Office in Dhaka.
Zhong Shan Glory Shoes Ind Co Ltd, Genfort Shoes Ltd and LaLuna Shoes Ltd will spend a total of $95m to set up their shoe manufacturing plants in the port city of Chittagong.
The three firms expect to export over 10m pairs of shoes per year.
Initially, Zhong Shan Glory will invest $40m, while Genfort and LaLuna have planned for investments of $35m and $20m, respectively.
LaLuna will also set up a plant for manufacturing shoe equipment with a separate investment.
A spokesman for Taichung-based LaLuna, a major domestic marketer and international wholesaler of shoes and fashion bags in Taiwan, told just-style that rising production costs in Taiwan and restrictions against shoe imports from China into the EU have prompted the companies to alternative production bases.
To cater for the shoe plants in Bangladesh, two Taiwanese shoe accessories manufacturers, Sheng Tseng Enterprise Co Ltd and Water Fall Ltd are also setting up bases in the country.
Their investments are projected to be around $15m.
By Jahir Ahmed.
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