Asian Paints Limited wants to raise its stake in Bangladesh's growing paint market on the back of the demand for quality materials.
To this end, Bangladesh wing of the multinational company has started the construction work of its second manufacturing unit in Mirsarai Economic Zone (MEZ) in Chattogram.
The company is making an investment worth US$20 million in the new plant, which is expected to go into production by June next year creating employment for more than 200 people.
This was disclosed at the groundbreaking ceremony of the paint maker's new plant held on Wednesday at the MEZ under Bangabandhu Sheikh Mujib Shilpa Nagar (BMSN) in Chattogram.
Engr Mosharraf Hossain, MP attended the ceremony as the chief guest.
Executive Chairman of Bangladesh Economic Zones Authority (BEZA) Paban Chowdhury, Regional Head of International Business of Asian Paints Tom Thomas, Director of Asian Paints, Bangladesh Rupam Kishore Barua and its Country Manager Ritesh Doshi, among others, were also present at the ceremony.
Speaking on the occasion, Mr Paban Chowdhury said local and multinational businesses are now showing much interest in the economic zones for various facilities offered by the government.
Mentioning various challenges the BEZA has faced for developing the EZs he said, "The MEZ is now getting shape after addressing difficulties with the support of the government as well as local and global development partners."
He added: "The Mirsarai EZ is going to be the best of its kind within a short time. There will be significant development this year."
Responding to a query, Mr Ritesh Doshi said Bangladesh's paint market is now estimated to be at around Tk 40 billion which is growing fast with the demand for quality materials.
He also said the company, the second largest player in Bangladesh's paint market, is currently manufacturing its product at a factory in Gazipur.
The new factory will initially manufacture 30,000 tonnes of paint and allied products, which will continue to increase in future, he said.
Spread over 20 acres of land, the factory will be equipped with modern facilities.
Mr Doshi lauded BEZA's role in providing them with all required support and the plot in the EZ, which is located in a suitable place.
The multinational company operates in 15 countries having 27 manufacturing facilities across the world.