Hi catinthecity and welcome to the forums.
Lovely bag: really like the Pegasus motif.
These beaded bags were mass-produced in Hong Kong during the '60s, both for the tourist market and export. The printed words are likely a customisation for a visitor, so she could have her message of choice printed there.
My guess is that the name you're trying to decipher is the personal signature of 'Diet B....' Diet perhaps being an abbreviation for Dietlinde? If you seek advice from a Belgium source they might find it easier to recognise the name.
Nicole