LG Electronics, a South Korean Electronics giant will set up a factory to assemble electronics products in Bangladesh. They will invest $500 million to establish this plant as a joint venture with local LG products distributor Butterfly Marketing Limited. Electronic products such as Television, air-conditioner, washing machine and other home appliances will produce from this factory to supply the local market.
The first phase of this project will start in 2012 and the location of the plant will be at Bhaluka in Mymensingh, an official of Butterfly Marketing said to a local newspaper. The official also said, the proposed LG plant in Bangladesh will create 5000 new jobs for local people.
LG Electronics Vice President Junhwan Kim is visiting Bangladesh now to see investment opportunities in the country. The delegation of LG called on Industries Minister Dilip Barua and appealed to Bangladesh Government for allocating land in a special economic zone for future investment.