UK farm plans to set up $25m door lock manufacturing plant
DHAKA, Dec 1 (BSS)- APECS UK, a chemical door hardware manufacturer, today said it would set up a manufacturing plant in Bangladesh to manufacture door locks and handles.
Initially, the company in collaboration with Bangladeshi and Chinese entrepreneurs will invest 25 million US dollars to set up the unit.
This was revealed at a meeting between Industries Minister Dilip Barua and a delegation comprising entrepreneurs of Bangladesh, China and the UK at the former’s office here, said an official release.
Managing director of Multidrive Ltd Sadek H Chowdhury, general manager Gopeswar Debnath, official of APECS UK Andrey Gorcharov, Chinese entrepreneurs Li Guang You, Su Zhiyon and Zhang were present.
They said the plant would produce 50 lakh unit door locks and hardware annually and create 300 employment opportunities.
During the meeting, they discussed various issues including China’s rising labour cost that is prompting Chinese investors to relocate their factories in countries, including Bangladesh, for cheaper labour cost.
Dilip Barua said Bangladesh is now offering lucrative investment-friendly facilities to attract foreign investment here.
The facilities include simplified work permit, hundred percent investment return and reinvestment, he added.