Singer Bangladesh aims to manufacture 90 percent of its products locally in near future, instead of relying on imports.
The multinational company declared its plan at a press conference featuring “Transform for Growth”. It has already readied a new manufacturing plant to achieve the goal.
The new plant has been built with an investment of $78 million from their new owner Arcelik, said the company, adding that the factory would create more than 4,000 job opportunities underscoring the company’s commitment to local manufacturing.
Singer Bangladesh is a subsidiary of Arcelik, flagship of Türkiye’s Koc Group.
Can Dinçer, chief commercial officer of Türkiye and Southern Asia at Arçelik said, “We target to increase the production capacity of Singer Bangladesh and position Bangladesh as a hub for the region in the medium and long term.
Read more: Bangladesh furniture export industry rises with HATIL
We plan to export products from the factory to the countries in the region in the long term. We will continue investing in Singer Bangladesh in technology, our stores, and communications.”
He said the company had been transforming the business operation, with the vision in mind.
“We’ve been bringing our global expertise and standards to the market,” said Mr Dinçer.
Arcelik has a 57 per cent stake in Singer Bangladesh, with the remaining shares publicly traded on the Dhaka Stock Exchange and the Chittagong Stock Exchange.
Source: The Financial Express
