LG, Butterfly eye electronics plant in Bangladesh
Star Business Report
South Korean electronics giant LG Electronics and local Butterfly Marketing are likely to set up a factory with a total investment of $500 million to assemble electronics products in Bangladesh, according to an official.
The first phase of the project will start next year with a joint venture entity to assemble refrigerator, Mustafizur Rahman Shazid, director (sales & marketing) of LG products distributor Butterfly Marketing Ltd, told The Daily Star by phone.
A number of electronics products such as television, microwave oven, air-conditioner, washing machine and other home appliances will be made at the factory to cater to the local market, now growing at 10-15 percent a year, according to the official. The factory will be set up at Bhaluka in Mymensingh, said Shazid.
He said the factory will employ around 5,000 people in the county after the completion of the project.
Earlier in the day, a delegation of LG Electronics called on Industries Minister Dilip Barua at his office and shared its intention to invest in Bangladesh, according to a statement issued by the industries ministry yesterday.
LG Electronics Vice President Junhwan Kim was present, among others, at the meeting. The delegation appealed to the government for allocating 100 acres of land in a special economic zone that the government plans to establish in future to promote investment.