Japan’s ITCL to set up electrical equipments mfg unit in Bangladesh

InterTecmo Company Ltd (ITCL) of Japan will make significant investments in Bangladesh to set up a state-of-the-art assembly line unit for energy saving electrical equipments, bulbs, UPS, lithium ion batteries and so on, which will eventually emerge as the Japanese company’s manufacturing hub for the entire Asia-Pacific region including India. The Japanese company has teamed up with Techno Media Ltd (TML), Bangladesh's state-of-the-art digital banking technology provider, to put up this plant at the Bangabandhu high-tech park located at Kaliakore, Gazipur, Bangladesh, said Joshoda Jibon Debnath, Managing Director, TML.

A MoU to this effect was signed by the Japanese and the Bangladeshi company in Tokyo, during the course of the Bangladeshi Prime Minister Sheikh Hasina’s recent visit to Japan late last month, where Hasina had held a meeting with Prime Minister Fumio Kashida on matters related to bilateral interests and also inaugurated the Bangladesh Investment Summit jointly organized by Bangladesh Investment Development Authority and Securities and Exchange Commission.

Significantly, at present, as many as 240 Japanese companies have investments of different sizes and magnitudes in various sectors in Bangladesh. Besides, four companies have registered for investment in the Japan Economic Zone under construction at Araihajar in Narayanganj. “And there are reasons to be optimistic that the number of Japanese companies and the quantum of Japanese investments will go up significantly in the years to come. The proposed ITCL-TML joint venture in the light engineering sector is a case in point,” said Debnath.

Debnath said that it would be a 50:50 joint venture where the primary responsibility of the Bangladeshi company would be to ensure availability of the required land, obtain all required permissions and clearances, ensure availability of sufficient technical and technological manpower. The Japanese company, on its parts, will bring in technology, expertise in the field, besides their part of the investment.

“The Japanese company is actually eyeing the entire Asia Pacific market. They are extremely bullish about the demand and growth of these green products, not only in Bangladesh, but across the region. Given their long standing business association with Bangladesh the Japanese partner has decided to come up with their plant in Bangladesh, which will help them being cost competitive in manufacturing and marketing these products across Asia Pacific,” said Debnath.