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Old February 26th, 2008, 05:01 AM   #441
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Quote:
Originally Posted by amar11372 View Post
I myself prefer Asian and Middle Eastern (or any other developing country of that matter) foreign investment, they seem to criticize WAY less about various issues and actually provide helpful benefits & solutions then compared to American and European counterparts.
Hey, who needs the busybody Americans or EU? I think enough investments can be had, looking east ... as far as Bangladesh is concerned.
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Old February 26th, 2008, 05:41 AM   #442
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These are some seriously promising proposals...I will keep my fingers crossed that they become reality. Hopefully GOB has good sense to support speedy approval and implementation of these. If these pan out then the economy will undoubtedly be jumpstarted back to pre-2007 levels. Not to mention these will decrease our dependence on RMG...always good to diversify.
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Old February 26th, 2008, 06:13 AM   #443
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Don't worry tanzirian while the Board Of Investment is extremely slow to implement Foreign investments the Bangladesh EPZ authority are very fast. Since these proposals are submitted to EPZ authority, I have high hopes.
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Old February 27th, 2008, 12:11 AM   #444
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Foreign investment comes with a clear future
Youngone Corporation chief says
Sharier Khan



The improved performance of Chittagong port saved exports last year, but only a clear political future will encourage increased foreign investment, stresses Kihak Sung, one of the country's largest foreign investors.

It's a view that should be treated with respect. For three decades Sung, a South Korean, has been building businesses in Bangladesh mainly through his Youngone Corporation where he is the chairman and chief operating officer.

With operations ranging through the garment and footwear industry, the Youngone group last year had exports of over a quarter of a billion dollars. Youngone alone claims one fourth of the investments in the country's five export processing zones (EPZs) employing more than 35,000 people.

Speaking at his Dhaka residence Sung, now 61, was full of praise for the turn around at Chittagong, where he said the time taken to import raw materials had been slashed by 10 days.

"As a result, we could give the buyers a real delivery time and they are happy. We can now plan production more precisely. The situation in the port in the past was very bad," he said.

However while this success has brought a much-needed predictability to delivery times, unrest and destruction in the industrial zones have shaken investors' confidence. As a result, the foreign direct investment (FDI) flow to Bangladesh has declined.

"FDI has moved to Vietnam and other countries. Vietnam had record high FDI of 16 billion US dollars in the last year," he pointed out.

"I can't say exactly if the local politics affected the FDI trend in Bangladesh. May be some individual sectors have been affected," Sung said.

"For export growth, the country needs a peaceful environment in every aspect. Normally we do not expect any disturbances. But between May and July 2006, we lost many orders and buyers' confidence due to unrest and violent activities in the economic zone,"

"If investors cannot see their future clearlythey will not invest in a country. This is why investors typically do not make new investments prior to a national election. It's not an investor friendly time."

He said that the best way to gain investors' confidence is through following a consistent policy by successive governments. "This will improve the investment climate," he said, adding that this climate was lost before the January 11, 2007 caretaker government took over power.

Sung started his business venture in Bangladesh as a Korean joint venture partner in 1978 in the manufacturing sector. In 1981, he founded his Youngone, an apparel company, with 250 workers. This included women, the first time they had been used in the garment industry in Bangladesh.

By the 1990s Sung's business had expanded beyond Bangladesh and he now has stakes in operations in Vietnam, China, India, Korea and El Salvador. The total turnover of all his businesses is around $850 million annually.

Sung spends five to six days a month in Bangladesh, which he regards as his second home and about a week in his Korean residence each month. The rest of the time he moves between his ventures in different countriesmostly on his private jet.

Being an aviation enthusiast, Kihak Sung is planning to open an aviation school in Bangladesh.

Sung is well aware of the criticism by some labour leaders that the industries inside the EPZ's do not pay enough or allow the workers to exercise their rights. But he firmly refuted such allegations.

"As an investor we must follow the law of the country. We are in favour of Workers' Association. However it must be done as per the prescribed law. A smooth transition to Workers' Associations is very important for the country, its economy, Bangladesh Export Processing Zones Authority, workers and investors," he said.

"The EPZs generally pay workers 50 percent more than factories outside. The working environment quality is good and comparable with that in China or Vietnam. Plus the workers get various additional facilities and benefits," Kihak Sung pointed out.

Referring to the workers' unrest, he said it was up to the government to find out who was instigating it. "We have seen that there had been lots of false rumours in the industrial areas which triggered the unrest. Pre-arranged incidents triggered agitation among the workers.”

He notes that workers deprivation is normally a general allegation. "It should be specified why they attack a factory," he added.

On the question of whether Bangladesh's exports will suffer due to withdrawal of some restrictions on China's exports to USA and European Union, he said that this would affect Bangladesh. "But if Bangladesh diversifies exports and makes itself more efficient, it will not be a problem."

Youngone's biggest venture in Bangladesh is its own EPZ in Chittagongthe 2500-acre Korean Export Processing Zone (KEPZ), which was given a license last year after seven years of delay.

Sung said that within a few months, he would begin setting up a shoe manufacturing factorywhich he described as the world's biggestwith an annual production capacity of 30 million pairs.

The KEPZ plans to attract more than a billion dollars of investment and set up 500 industrial units. A weak point however is its power and energy supply.

The government is unable to provide adequate gas or power now or promise of good supplies in the immediate future.

"We are discussing a power project investment with the government. We have some interesting proposals. But all of it depends on gas supplies," he said.
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Old February 28th, 2008, 01:38 AM   #445
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South Korea may double investment in Bangladesh RMG sector
Dhaka trade team to go to Seoul next month


South Koreans, encouraged by better quality of Bangladesh's ready made garments (RMG) and availability of cheap labour, are contemplating doubling investment here, said the director of Korea Trade-Investment Promotion Agency (Kotra), Dhaka.

“The quality of Bangladesh RMG products and lower labour cost compared to Vietnam and Cambodia would attract more Korean investment in the RMG sector,” Hanil Kim told The Daily Star from the one-day Korean trade exposition site at the Pan Pacific Sonargaon Hotel in the capital yesterday.

A Korean trade mission that organised the fair is now in Dhaka on a 3-day visit to Bangladesh. As many as 11 new companies were introduced in the fair.

According to the Kotra, a Bangladeshi trade team will visit Korea next month to explore business prospects with their counterparts.

Hanil Kim said in recent years entrepreneurs from the Republic of Korea (ROK) invested a lot in Vietnam and Cambodia on Bangladesh's political instability in the pre-1/11 period. However, cheaper labour force and better production quality of RMG have brought them back here, the chief of the Dhaka office of ROK investment promotional agency added.

Korean Ambassador to Bangladesh Suk-Bum Park, who was also present at the exposition, echoing Kim's view on political stability said, “Such stability and business-friendly climate are pre-requisite to more foreign investment in Bangladesh.”

Kim expected that the future $1billion investment plan would create an employment opportunity of at least 350,000 people, directly and indirectly.

A total of 120 Korean companies, including 62 in the export processing zones (EPZs) , are now in operation in the country Bangladesh, where 62 in EPZ, which produce mainly textile products, paper and plastic.

Kim said Koreans would invest the additional amount of money within a year in power and construction besides RMG sectors. The amount of their present investment in the EPZs is US$ 900million.

The Korean Electricity Power Company (KEPCO) has already started operation in the power sector here with constructing individual power plant (IPP) in recent months.

Meanwhile, SK Network and KT Korea, two Korean telecom companies who are interested to invest in Bangladesh's telecommunications sector, have already opened their branch offices in Dhaka recently to get themselves prepared for future operation.

“Korea is interested to invest in telecoms sector, but not in manufacturing,”according to Koo Ja Dong, head of the Korean Trade Mission.

Bangladesh is also a major export destination of South Korea. It exported goods worth around US$ 600 million to Bangladesh last year, while Bangladesh exported mainly garments products and frozen foods worth around US$ 100 million.

The items Bangladesh imports from ROK are garment machineries, such as textile, dying, embroidery and circular machineries, and adhesive tapes.

Kotra was established in 1962 as a national trade promotion organisation, which now operates as the national investment promotion agency of Korea.

http://www.thedailystar.net/story.php?nid=25312
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Old February 28th, 2008, 01:54 AM   #446
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Pak-Bangla joint venture to invest $2.5m in DEPZ

M/s Velox Fashions Ltd, a Pakistan-Bangladesh joint venture company, is going to expand their garment industry in Dhaka Export Processing Zone (DEPZ), reports UNB.

This company will enhance their production capacity with an additional investment of US$ 2.5 million.

At present, 365 Bangladeshi are working with the company. It will also create new job opportunity for additional 500 local people.

An agreement, to this effect, was signed between Bangladesh Export Processing Zone Authority and Velox Fashions Ltd in BEPZA complex in the city Wednesday.

AZM Azizur Rahman, general manager (Investment Promotion) of BEPZA, and Iqbal Ahmed, managing director of Velox Fashions Ltd, signed the agreement on behalf of the respective organisations.

The executive chairman of BEPZA and other officials were present on this occasion.

http://www.thefinancialexpress-bd.co...&news_id=26573
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Old February 29th, 2008, 01:50 AM   #447
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Denmark-Bangla joint venture to invest $3m in CEPZ

Cold Play School Products Limited, a Denmark-Bangladesh joint venture company, will set up a sporting and travelling items manufacturing industry in the Chittagong Export Processing Zone. The company will invest $ 3 million and produce 4 million pieces of sporting and travelling items. It will also create employment opportunity for 499 Bangladeshi nationals. An agreement, to this effect, was signed between the Bangladesh Export Processing Zone Authority and Cold Play School Products in BEPZA complex in the Dhaka city on Thursday. AZM Azizur Rahman, general manager of the BEPZA, and Helal Uddin Ahmed, managing director of Gold Play School, signed the lease agreement on behalf of respective organisations.

http://www.newagebd.com/busi.html
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Old March 1st, 2008, 01:10 AM   #448
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Korean investors eye new avenues in Bangladesh

Korean investors have turned their attention to Bangladesh's real estate, power and telecom sectors, after spending decades in exploring opportunities in the country's apparel arena, the South Korean ambassador said.

Suk-Bum Park said there has been huge interest among the South Korean entrepreneurs in Bangladeshi sectors other than textile and garments, amid soaring growth in the country's telecom, power, real estate and hi-techs.

"Already we are the largest foreign investor in Bangladesh's apparel sector. We have 120 plants both in the export processing zones and outside, employing over 70,000 people," the ambassador told the FE recently.

"But our investors have now turned their attention to new sectors. They have plans to invest in real estate sector, power and telecommunications sectors in the next five years," he said.

South Korean Youngone Group is the largest apparel company in Bangladesh. Last year it exported apparel goods worth 300 million dollars.

The ambassador said realtors, power producing companies and major telecom companies of Korea will likely to invest in the country shortly.

"Most of the proposals are in preliminarily stages. Some already have limited scale operation in the capital Dhaka," Park said.

He said Korean Electricity Power Company (KEPCO), a public company of Korea, will set up a power plant in Bangladesh shortly, while two telecom giants- SK Network and KT Korea - have already provided broadband services.

"The telecom companies are looking for bigger investment here", he added.

"I am not sure what amount will be invested in these sectors by the Korean investors. But it is true that it will be big volume and it will have a good result in the country".

But, he warned that new investments could be hampered if the country sees the reemergence of labour unrest, series of strikes and agitation which prevailed before the takeover of the caretaker government in January last year.

He also urged the government to ease investment rules further.

"Everything depends on the proper roles by the Bangladesh government. The government should ease the existing rules and regulations for attracting more Korean investors in the country," he went on.

He said formation of better business forum and the regulatory reform commission by the caretaker are steps in the right director and it will help boost investment in Bangladesh.

http://www.thefinancialexpress-bd.co...&news_id=26772
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Old March 1st, 2008, 09:10 PM   #449
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US firm to invest $70m in Karnaphuli EPZ
Unb, Dhaka

An American company will invest US$70 million in Karnaphuli Export Processing Zone to set up a 50-mw power project and a tyre plant.

The American company, M/s Levithan Global Corporation, and Bangladesh Export Processing Zones Authority (Bepza) will sign an agreement to this effect in Dhaka today, said a press release.

US Chargé d'Affaires Geeta Pasi is expected to attend the agreement signing ceremony.

http://thedailystar.net/story.php?nid=25738
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Old March 4th, 2008, 01:05 AM   #450
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Thai investment plans for hotels, highways and oil

The Thai ambassador in Dhaka yesterday unveiled a series of Thai investment proposals for Bangladesh ranging from highway construction to oil exploration and luxury hotels.

However, Chalermpol Thanchitt also expressed his concern over the stringent conditions attached to work permits in Bangladesh and over the regulation of foreign investment.

Thanchitt made the comments following a meeting with Finance Advisers Mirza Azizul Islam at the secretariat office yesterday.

Thanchitt said the company Italian-Thai Development (ITD), a Thai construction company, has appointed a local representative in Bangladesh to negotiate with the government over participation in the proposed Dhaka-Chittagong Express Way.

A high level team from the ITD will visit Dhaka soon to start talks with the government on the issue.

ITD first entered the international construction arena in 1974 in Malaysia with the construction of 500 km of highways and bridges in the ensuing 10 years, 40 km of roads in Nepal in 1976, and a 400 metre long highway tunnel in Saudi Arabia in 1983.

The ambassador said Thailand's national petroleum company PTTEP will participate in the offshore exploration bidding in Bangladesh.

The top-ten listed company on the Thailand Stock Exchange PTTEP operates more than 30 projects around the world and has a workforce of over 2,000.

Another investment proposal could come from Dusit Thani, a hotel chain wanting to establish a five star hotel in Chittagong. Company representatives have already started talks with the government, the ambassador said.

During his meeting with the adviser, Thanchitt said the government of Bangladesh should relax some of the rules regarding foreign direct investment, adding, some of these rules and regulations do not help foreign investors.

“In order to attract foreign direct investment these regulations should be more conducive," Thanchitt said.

He said Thai workers who have been staying for five years in Bangladesh are forced to return to Thailand, something that is a problem for Thai industries here.

He also said some new airline companies, who started business in Bangladesh, are interested in starting flights to and from different destinations in Bangladesh.

http://www.thedailystar.net/story.php?nid=26049
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Old March 7th, 2008, 02:53 AM   #451
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Hong Kong based company to invest $30m creating 8000 new jobs in Adamjee EPZ RMG factory

Kwun Tong Apparels, a Hong Kong-based woven apparel factory operating in Adamjee Export Processing Zone, is to invest US$30 million this year creating 8000 new jobs.

"We are going to set up two more production units as we are receiving a huge number of orders from international buyers," Chief Executive Officer of the company Adil Patel said Wednesday.

“The new units will be built on 1 million square feet area,” Patel said, adding that JC Penny, Wal-Mart and Federated are the three main buyers of his company.

At present, Kwun Tong Apparels, which went into production in March 2006 with an initial investment of $20 million, employ 2000 workers, said Patel.

Kwun Tong Apparels is a concern of Must Garment Corporation Limited of Hong Kong that has also another concern, Lenny Fashions Limited, in Dhaka Export Processing Zone.

Patel also said western buyers are interested to buy products from his company since his factory ensures social compliance.

He said currently his company serves lunches, medical facilities and transport facilities to workers free of costs.

The minimum wage for the workers of the factory has been fixed at $30 as per the rules of the EPZ regulatory body Bangladesh Export Processing Zones Authority (Bepza).

"We are ready to do whatever we need to improve our production," said Patel at his garment office Wednesday.

When asked, he said poor pay structures for workers, inefficiency of mid-level management and 'vested quarters' were behind the recent labour unrest in the country.

http://www.thedailystar.net/story.php?nid=26505
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Old March 8th, 2008, 08:00 PM   #452
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UK RMG dyeing firm chooses Mymensingh over China

An UK-based garment dyeing company abandoned its plans to relocate a plant to China, instead building it in Bangladesh, attracted by the lower costs and well developed garment industry.

Stevensons shifted the plant from the UK to Bhaluka in Mymensingh, following an invitation from the SQ Group, a leading sweater manufacturer in Bangladesh.

The new joint venture, SQ Stevensons Chroma Limited, established on a 34,000 square feet area in SQ Group's Supply Chain City in Mymensingh, will go into commercial production on Wednesday with a capacity to dye 6 million pieces of knitwear per year.

Syed Ahsan Habib, now operations director of SQ Stevensons, said SQ learnt in September 2006 that Stevensons was planning to relocate its UK factory to China.

“Knowing this we asked Stevensons to visit SQ Group here saying that there is a huge potential in Bangladesh and they can relocate their plant here instead of China,” he said.

Stevensons accepted the invitation and visited Bangladesh. In February 2007 the two companies signed a deal on the move.

“Stevensons were convinced that Bangladesh is going to continue to be a garment producing country with low costs. They also found the investment environment friendly with many mature garment units,” Habib said.

“In contrast they found China had higher costs,” he added.

Garment dyeing is a process through which a knitwear product is coloured after being manufactured using raw yarn.

“Garment dyeing instead of yarn dyeing gives a better finish, while the garment is also comfortable to wear,” said Habib.

The process also allows manufactures to supply products within a very short time, a key factor in gaining orders from fashion conscious European buyers.

The European buyers place orders during March-April for knit products to be showcased during August-September. But choosing colours mainly depends on the customers' choice and the colour trend may change any time. This means buyers want to change the colour of the product during the selling season, Habib said.

“Some renowned garment buyers such as Marks & Spencer, Hennes & Mauritz (H&M), Tesco, GAP, S Oliver and Espree have already shown their interest in visiting our plant,” he said.

Stevensons set up its dyeing machinery worth around US$10 million in the new venture, while the SQ provided land, buildings, utility and logistical support worth around $2 million.

“In the first two years an experienced team of Stevensons will provide services for ensuring the technology transfer on garment dyeing,” he said, adding, “SQ is the first local company that set up a garment dyeing unit in collaboration with a foreign one.”

http://www.thedailystar.net/story.php?nid=26856
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Old March 8th, 2008, 08:02 PM   #453
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Mercedes-Benz bus to be assembled in Bangladesh

One of the country's leading automobile distributors, Rancon Motors, is to assemble Mercedes-Benz buses in Bangladesh for the first time, in an attempt to tap the growing demand for luxury buses among the long distance coach companies.

“The market for luxurious buses is growing. We hope it's an opportunity to tap the potential,” said Romo R Chowdhury, managing director of Rancon Motors, promoting the Mercedes-Benz brand in Bangladesh.

“We are hopeful to hit the market by June 2009,” he said.

The company, according to its managing director, will be able to cut the price of Mercedes-Benz buses by about Tk 40 lakh to nearly Tk 1.10 crore after the establishment of the assembling plant.

Currently one Mercedes-Benz bus costs around Tk 1.50 crore as it enters Bangladesh in completely built form.

“It will be affordable to many bus companies due to assembling facilities here,” the Rancon MD said.

Rancon Motors, a concern of Rangs Group, took the initiative after it signed commercial vehicles supplying contracts with some local long distance bus operators such as Saudia and S Alam.

“We are facing demands from some other operators because the buses are fuel-efficient,” he said.

Luxurious commercial passenger vehicles made their ways on Bangladesh roads during the late nineties to cope with the changes in the tastes of consumers who are travelling by buses at a growing rate due to faster road communication compared to railway's.

The market for luxurious bus, according to operators, is about 60-80 units a year, and is growing between 15 and 20 percent annually as leading long distance bus companies are shifting their focus to this segment.

At present, operators such as Green Line and Sohag Paribahan are offering services with Scania and Volvo buses on different routes, while Saudia and S Alam have brought Mercedes-Benz buses by forming joint venture.

Operators said none of these brands is assembled here, rather being imported from India and Malaysia.

Local Navana Group, IFAD Autos and Nitol Group assemble Hino, Ashok Leyland and Tata brand buses.

The required investment for establishing a bus assembling plant is lower compared to that for setting up an automobile assembling unit, Romo said.

“We now depend on Malaysian companies to assemble and build the bodies of the Mercedes-Benz buses. The local assembling plant will help us offer lower prices due to cheap labour here,” he added.

Rancon Motors, which currently imports auto parts from Brazil, has already got go-ahead from Mercedes-Benz owner Daimler AG to assemble the bus.

“We have already got the Daimler permission to assemble the bus,” Romo said. “Now we are in talks with a Malaysian bus-body building company to sign a technology transfer agreement.”

“Hopefully we will be able to ink the deal within the next two months,” he added.

Rancon Motors, also distributor of Mitsubishi brand autos in Bangladesh, will initially invest Tk 15 crore to start the plant in Savar, Dhaka and expects to assemble around 10 units of buses a month.

http://www.thedailystar.net/story.php?nid=26854
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Old March 9th, 2008, 01:15 AM   #454
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Very good news. I hope this will spark interest among some investors to initiate the assembly of automobiles (not necessarily Diamler) in Bangladesh.
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Old March 12th, 2008, 11:56 PM   #455
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$7.2 m chemical industry in Comilla EPZ soon

Bangladesh and Indonesia will jointly set up a chemicals industry in Comilla Export Processing Zone with an investment of US$ 7.2 million.

The jointly owned company named M/s TM Chemicals Limited will produce 4.1 million kg of chemicals items creating employment opportunity for 121 Bangladeshi nationals.

An agreement to this effect was signed between the Bangladesh Export Processing Zone Authority (Bepza) and M/s TM Chemicals Limited in Bepza Complex here on Tuesday.

Bepza Manager (Investment Promotion) AZM Azizur Rahman and Managing Director of M/s TM Chemicals Limited Tanim Ahmed signed the lease agreement on behalf of their respective organisations.

http://www.thedailystar.net/story.php?nid=27485
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Old March 13th, 2008, 09:18 AM   #456
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Rancon tied up with MBZ and Gemilang for fully assembled buses for DAC-CTG inter-city bus. Here's the story.

Gemilang (Malaysia) coach Works assembles nice quality buses and special RV's (Recreational Vehicles). Here's one of the latter types (mid-asssembly).


Last edited by manbil777; March 13th, 2008 at 09:27 AM.
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Old March 13th, 2008, 11:53 PM   #457
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Joint Venture tyre factory to be set up in Chittagong

A Malaysian company, based in China, struck a joint venture deal with a Bangladeshi private firm on Thursday to set up a tyre manufacturing plant with an investment of Tk 140 crore. Uhuk Thai, chief engineer of the Guanzu Pearl River Rubber Tyre Ltd, and Liakat Ali Chowdhury, managing director of the Bayith Al Baraka, a local tyre marketing company, signed an agreement on behalf of their respective sides for setting up the tyre plant in Chittagong by end of this year. After signing the deal, Liakat Ali Chowdhury told reporters that the plant would go into production by end of the year 2009. ‘It will manufacture 30,000 pieces of tyres per month by using both local and foreign raw materials,’ he said adding ‘we have a target to export tyres after meeting the local demand of around 20,000 pieces per month.’ ‘We will provide 20 acres of land at Sitakundu industrial belt, 25 miles off the Chittagong port city, in addition to a fund of about 3 million dollars while the rest of the fund will be invested by our counterpart’ he added. ‘The plant will be operated with Malaysian expertise’ he added. The deal signing ceremony held at the Institute of Engineers, Chittagong was presided over by Syed Sagir Ahmed, chairman of the Bayith Al Baraka.

http://www.newagebd.com/busi.html
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Old March 16th, 2008, 12:38 AM   #458
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China keen to invest in Bangladesh

China is keen to invest in fabric manufacturing industry in the country’s EPZs and establish Textile and Apparel Trade Centre with a view to contributing to balancing bilateral trade tilted heavily towards china. A 17-member delegation of the China Chamber of Commerce for Import and Export of Textiles showed the interest during a meeting with senior officials of Export Promotion Bureau in Dhaka recently. CCCT vice-chairman Cao Xinyu and EPB vice-chairman Shahab Ullah co-chaired the meeting Wednesday, said a press release. Cao Xinyu mentioned the purposes of the CCCT delegation’s visit to Bangladesh. These are promoting communication and cooperation between Chinese and Bangladesh textile, apparel and ancillary industries, exploring the possibility of investing in the fabric manufacturing and study the market for Chinese fabrics and establishing Textile and Apparel Trade Centre in Bangladesh. Shahab Ullah urged the delegation to come forward to invest in Bangladesh particularly in the textile and apparel sector with a view to easing chronic trade imbalance with China referring to FY 2006-07’s total export of $92.99 million and import of $2537.16 million to and from China.

http://www.newagebd.com/busi.html
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Old March 16th, 2008, 12:47 AM   #459
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Joint venture garment dyeing unit opens at Valuka

SQ Stevensons Chroma Ltd inaugurated its newly built garment dyeing and finishing factory at Valuka in Mymensingh.

It is a joint venture factory between SQ Group, one of the leading sweater manufacturers of the country, and Stevensons UK, a world renowned state-of-the-art garment dyeing and finishing company, according to a press release.

SQ is the first local company to set up such a garment-dyeing factory in the country in collaboration with a foreign entity.

M Ghulam Faruq, chairman of SQ Group, Salima Bensaid, its vice chairman, Syed Ahsan Habib, operations director at SQ I Quantum JV entities, Stuart Anderson, general manager (operations), SQ I Quantum JV entities, Gordon Cawood, technical and development director, Quantum Clothing Group, the UK, high officials from leading retailers like Marks and Spencer, GAP, H&M, TESCO, S'Oliver, Li & Fung and Echo Sourcing, BGMEA board members, high officials from HSBC along with employees from both sides and other distinguish guests were present at the inauguration ceremony at SQ Supply Chain City at Valuka.

Chairman and CEO of SQ Group Faruq in his speech, said the year of 2007 was a year of joint venture for SQ.

''We are having strategic alliances only with the market leader in the respective fields'', he added.

Faruq also assured all the business partners that SQ, would put up world class facility and product maintaining high standard.

Gordon Cawood said the Stevensons has century old experience in garment dyeing and finishing.

He also mentioned that Chroma would bring the best possible garment dyeing and finishing technology to this part of the world.

Bangladesh being one of the leading garment exporting country would greatly benefit from this facility, he added.

This newly formed facility has a complex and varied array of textile process machinery, in all different sizes offering the customer batch flexibility in terms of weight and size bands. Having a weekly capacity of 2000,000 pieces batches can be processed in anything from 20kg to 200 kg. The facility can process garments of many styles and construction including fully fashioned knitwear of fine and heavy gauges of most constructions and fiber combinations, lightweight and heavyweight knitted fabrics, i.e. T-Shirts, Trousers etc, footwear of all constructions, blended garments and intarsia constructions.

http://www.thefinancialexpress-bd.co...&news_id=28176
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Old March 16th, 2008, 12:48 AM   #460
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Joint venture foreign company to invest $10m in DEPZ

A joint venture Hong Kong-Aussie company styled M/s Intimate Suppliers Limited will set up a textile and garments accessories manufacturing industry in the Dhaka Export Processing Zone (DEPZ).

The foreign-owned company will invest US$ 10 million and will produce textile and garments items. The company will create employment opportunity for 1050 persons including 10 foreign nationals.

An agreement in this connection was signed between the Bangladesh Export Processing Zones Authority and the M/s Intimate Suppliers Limited in BEPZA Complex, Dhaka recently. General Manager (Investment Promotion) of BEPZA AZM Azizur Rahman and Director of M/s Intimate Suppliers Limited Chan King Fai signed the agreement on behalf of their respective organisations.

http://www.thefinancialexpress-bd.co...&news_id=28177
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