Dhaka, Bangladesh (BBN) - DHL has announced a new joint venture investment of US$10 million over the next few years to enhance its logistics capabilities in Bangladesh.

"South Asia remains a key sourcing, manufacturing and distribution base for the global fashion industry and the region offers tremendous growth for the fashion logistics sector,"  Amadou Diallo, chief executive officer of DHL South Asia Pacific, told reporters in Dhaka on Wednesday while announcing the investment.

DHL signed a deal with its local associate, Trade Clippers Cargo, to form a company called DHL Global Forwarding Bangladesh.

"The investment in Bangladesh will go towards strengthening the joint venture, employee training, upgrading of information systems, enhancing, expanding the infrastructure and introducing a range of new services for businesses in Bangladesh," Mustaque Ahmed, managing director of DHL Bangladesh, said in a statement.

As part of the investment, DHL also launched a "Fashion and Apparel Center of Excellence" in the capital of Dhaka to capitalize on the fashion logistics industry in South Asia. The total expenditure on logistics services in the region is estimated at $3.9 billion annually.

"Having established ourselves in Bangladesh for over 25 years, we have the local expertise and knowledge and the flexibility to tap into our global network and capacities over 220 countries and territories across the world," he added.

BBN/SS/SI/AD-28January10-1:10 pm (BST)