Australia's TIC Group has set up a factory in Bangladesh to produce hanger with an initial investment of $10 million.
TIC Manufacturing (Bangladesh Ltd), located in the Meghna Industrial Economic Zone at Meghnaghat in Narayanganj, will begin its commercial production today. The plant will produce five lakh pieces of hanger per day for export markets.
In January 2018, TIC and local Meghna Group of Industries signed an agreement for setting up the plant at the private economic zone. The trial production began in November last year.
“After the successful test-run, we are beginning the commercial production from today,” Mohammad Rafiquzzman, local contact person of TIC Group, told The Daily Star yesterday.
He said TIC's plant is fully export-oriented and will ship most of its products to Australia and European markets. It may also sell the products to Bangladesh's garment manufacturers if they are nominated by their international clients.
TIC will import raw materials from South Korea, China and Saudi Arabia to make finished products.
The plant has created about 1,500 jobs and the number of workers may rise to 5,000 in the next few years, according to Rafiquzzaman.
Mostafa Kamal, chairman of Meghna Group of Industries, said it is a good thing that Australia's renowned business group has set up an export-oriented factory in the economic zone.
He said considering Bangladesh as a fast-growing and important garment manufacturing country, TIC decided to set up its own production facility with a significant investment.
Paban Chowdhury, executive chairman of the Bangladesh Economic Zones Authority, said this type of foreign investment would help reduce the trade gap and create much-needed jobs.
“The plant will be helpful for Bangladeshi workers to develop skills and efficiency,” he said.
Salman F Rahman, private industry and investment adviser to the prime minister; Julia Niblett, high commissioner of Australia to Bangladesh, and Mark Gandur, director of TIC Group, are expected to attend the opening ceremony.