LG wants to invest $500m in Bangladesh: ministry

http://newagebd.com/newspaper1/business/43588.html

LG wants to invest $500m in Bangladesh: ministry
Staff Correspondent

The industries ministry on Thursday said South Korean LG Electronics had expressed interest to set up an electronics product manufacturing unit at Bhaluka in Mymensingh with an initial investment of $500 million.

A delegation of LG expressed the interest to set up the unit that would manufacture home appliances like refrigerator and LCD television at a meeting with industries minister Dilip Barua at his office in Dhaka, said a press release of the ministry.

The delegation expected that the plant would create jobs for 5,000 people.

Vice president of LG’ home appliance biz strategy department Junhwan Kim, manager Nathan Park, business manager of LG Singapore branch Allan Kim and Dhaka office managing director Jung, among others, were in the delegation, said the press release.

The LG delegation appreciated the investment environment of the country and said investment in Bangladesh is relatively profitable because of its internal market condition and low-cost labour, it said.

The company also expressed interest in setting up a larger electronics manufacturing unit in Bangladesh.

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