In the midst of ongoing economic challenges, Bangladesh has witnessed an impressive achievement as eight prominent local business conglomerates have entered the exclusive billion-dollar club. These resilient industrial groups have managed to thrive despite the country’s severe economic crises, with some leading in import substitution industrialization and others excelling in the export sector.
The eight business conglomerates that have achieved this remarkable feat include Meghna Group of Industries (MGI), City Group, Abul Khair Group, S Alam Group, TK Group of Industries, Pran, Bashundhara Group, and Square Group of Industries. Notably, the BSRM group dropped out of the list due to a decline in raw material imports.
Meghna Group of Industries (MGI), which has expanded into 20 different sectors, stands out as the leader among these conglomerates. MGI’s journey began on the banks of the Meghna River and continues with plans to invest in large factories in the Cumilla economic zone. They imported a significant 7.7 million tonnes of raw materials and equipment in the last fiscal year and contributed Tk 46 billion in government revenue.
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City Group, known for its marketing of essentials, is diversifying its portfolio by investing in sectors like paper, liquefied petroleum gas (LPG), and cement. Abul Khair Group leads in heavy industry, while PRAN Group boasts exports to 145 countries and S Alam Group entered the billion-dollar club by focusing on essentials such as oil, sugar, and wheat.
Additionally, TK Group of Industries and Square Group of Industries have achieved this milestone, emphasizing export growth. However, challenges persist, particularly the ongoing dollar crisis, which hinders imports and foreign investment.
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These successful business conglomerates are seeking policy support to further boost export-oriented industries and attract foreign investments. Despite the current economic turmoil, their resilience and commitment to growth have earned them a prestigious spot in the billion-dollar club, showcasing Bangladesh’s potential in the global business landscape.
