Corporate
SINGER to invest $78m in new plant
Singer Bangladesh is about to invest $78m to set up a new home appliance manufacturing plant inside the special economic zone in Narayanganj to expand local production of its products, according to company authorities.
The home appliance manufacturer and retailer, in association with Arcelik, the flagship company of Koç Group, yesterday inaugurated the construction of their very first state-of-the-art manufacturing unit in the country, they said.
The new unit to produce refrigerators, televisions, washing machines, air conditioners and other major home appliances, which will in turn lower imports of such items.
Additionally, the facility will generate around 4,000 employment opportunities while also developing the local supplier base that will provide to the industry in the future, the authorities said during a press briefing at the Radisson Blu Dhaka Water Garden.
At the event, Dr Fatih Kemal Ebiclioglu, president of Durable Goods Companies of Koc Holding, said they hope this initiative will increase the manufacturing capacity of Singer Bangladesh and strengthen its position in the local market.
he seeks the new unit will go into production by 2023, then said they would consider exporting products made at the new plant after providing to domestic demand.
Cemal Can Dincer, chief commercial officer of Arcelik, said this investment marks a new chapter in their journey in Bangladesh.
“With the support of our new factory, we are planning to locally produce 90pc of our products for local consumers,” he added.
MHM Fairoz, managing director and chief executive officer of Singer Bangladesh, said the company’s new state-of-the-art manufacturing facility will be built according to the gold standards of LEED.
LEED is a green building certificate that is recognized all over the world.
He went on to say that Singer will bring the know-how on energy-efficient products and production technologies to Bangladesh, and this will help the country transition to a low-carbon economy.
“Besides, Singer’s green factory in Bangladesh’s special economic zone will make a significant contribution to economic activity and employment,” he said.
Nihat Bayiz, chief technology officer of Arçelik, was also present at the event.
Mustafa Osman Tarun, ambassador of Turkey to Bangladesh; Abdul Azim Chowdhury, additional secretary and executive member of the Bangladesh Economic Zones Authority, and other high officials and stakeholders were present at the groundbreaking ceremony prior the same day.
Koç Holding is the only Turkish company represented in the global Fortune 500 list. Arcelik acquired the holding company of Singer Bangladesh in 2019.
Koc Group envisions sustainability as a business model and places it at the center of all its operations. As such, Arcelik is committed to net-zero emissions by 2050 to tackle the climate crisis.
The group aims to expand its sustainability vision to every country they operate in and create value for all people and the planet, and its investments in Bangladesh will continue with this understanding, according to Singer Bangladesh.
LABCCi: The Latin America-Bangladesh Chamber of Commerce and Industry signed a Memorandum of Understanding (MoU) with Bangladesh Investment Development Authority (BIDA) to boost trade and investment between Bangladesh and Latin America.
Bida Executive Chairman (Senior Secretary) Lokman Hossain Miah attended as the chief guest at the MoU signing ceremony held at the Bida office in the capital on Wednesday (15 March).
LABCCI President Md Anwar Shawkat Afser and Bida Marketing and Communication Executive Member (Additional Secretary) Md Matiur Rahman signed the MoU on behalf of their respective sides.
At the ceremony, the Brazilian Embassy in Dhaka Commercial Specialist Nahid Ferdousi assured that Brazil is very much interested in tying up with Bangladesh in all aspects.
Md Anwar Shawkat Afser said that a new era has been started by the MoU signing ceremony.
“LABCCI now got the affiliation from the Prime Minister’s Office of Bangladesh, Bida. Now business societies from Latin American countries may get more confidence to invest and trade in Bangladesh through the collaboration of LABCCI,” he said.
The LABCCI president highlighted the upcoming event “Bangladesh Investment B2B (Business to Business) Event in Latin America 2023” which will be jointly organised by Bida, DBCCI and LABCCI in the Netherlands, Belgium, Luxembourg, Argentina and Brazil on 6-17 March 2023.
Representatives from the ministries of foreign affairs and commerce, Bida, Beza, Hi-Tech Park Authority and high-profile Bangladeshi and European businessmen will participate in the mega event.
Salman Fazlur Rahman, private industry and investment advisor to the prime minister, will lead the delegation in the Netherlands, Belgium, Luxembourg, Argentina and Brazil.
Bida Executive Chairman Lokman Hossain Miah assured full support for this delegation, saying that the present government led by Prime Minister Sheikh Hasina created a friendly environment for businessmen as EPZs will provide a safe zone for foreign investors in Bangladesh.
In the last 15 years, Bangladesh’s economy has changed dramatically. People’s incomes have increased and their lives have improved. By 2027, another 3.5 million people will enter the middle class, he added.
“Bangladesh is not only a huge domestic market of 17 crore people, but with proper investment, the consumer market of about 300 crores in South Asia including India and China can be accessed from here,” said the Bida executive chairman, adding that Bangladesh is one of the top safe investment destinations in the world.
He appreciated the LABCCI board of directors for their initiative to attract FDI from the Latin America region as well as from Europe.
Meta Platforms Inc (META.O) said on Wednesday (February 15) it had increased the security allowance given to Chief Executive and co-founder Mark Zuckerberg and his family by $4 million to $14 million.
“This increased allowance, together with the costs of Zuckerberg’s existing overall security program, are appropriate and necessary under the circumstances,” Meta said in a filing.
The move comes at a time when the owner of social media platforms Facebook and Instagram has cut thousands of jobs and slashed spending plans for a period that Zuckerberg has called the “Year of Efficiency.”
/NR
Bangladesh is among the top 3 countries contributing to active users growth for Facebook as of December 31, last year, social media major Meta said in a regulatory filing.
“Users in India, the Philippines and Bangladesh represented the top three sources of growth in DAUs during December 2022, relative to the same period in 2021,” Meta said.
The company has reported a 4 percent increase in worldwide daily active users (DAUs) to two billion on average during December 2022 from 1.93 billion during December 2021.
The company reiterated the risk to its operation in India due to the proposed data protection framework.
The company defines a daily active user as a registered and logged-in Facebook user who visited Facebook through its website or a mobile device, or used the Messenger application (and is also a registered Facebook user), on a given day.
The monthly active users (MAUs) as of December 31, 2022, increased by 2 percent to 2.96 billion from December 31, 2021.
India stood among the top three contributors in terms of monthly active users too.
“Users in India, Nigeria, and Bangladesh represented the top three sources of growth in 2022, relative to the same period in 2021,” Meta said.
The company reiterated the risk to its operation in India due to the proposed data protection legal framework in India.
“In addition, some countries, such as India and Turkey, are considering or have passed legislation implementing data protection requirements or requiring local storage and processing of data or similar requirements that could increase the cost and complexity of delivering our services, cause us to cease the offering of our products and services in certain countries, or result in fines or other penalties,” the filing dated February 1 said.
Meta has also cautioned investors that it could also face fines, orders restricting or blocking services in particular geographies, or other government-imposed remedies as a result of content hosted on its services citing examples of India and Germany.
“For example, legislation in Germany and India has resulted in the past, and may result in the future, in the imposition of fines or other penalties for failure to comply with certain content removal, law enforcement cooperation, and disclosure obligations,” the filing said.
