BP Business Desk
Hyundai will collect refrigerators and air conditioners from Bangladesh manufactured by the electronic giant Walton for marketing those in India under its own brand.
Hyundai Electronics has signed a memorandum of understanding (MoU) with the leading electronics manufacturer for importing those for Indian market through its partner Goldenarch Consumer Electronics Pvt Ltd.
As per the contract, Walton will supply 100,000 refrigerators and 20,000 residential air conditioners for Hyundai brand as original equipment manufacturer (OEM) for Indian market.
The MoU was signed at Walton Hi-Tech Industries Ltd at Chandra in Gazipur on Monday. Edward Kim, president of International Business Unit (IBU) of Walton Group and Abhishek Malpani, director and COO of Hyundai Electronics India signed the agreement on behalf of their respective organizations, said a company press release.
SM Ashraful Alam, managing director and SM Mahbubul Alam, director of Walton Hi-Tech Industries Ltd along with other senior officials from Hyundai Electronics India were present on the occasion.
Speaking on the occasion, S M Ashraful Alam said, “Bangladesh is moving towards a new milestone of exports of electronic products and within very short time Walton will make Bangladesh one of the largest consumer electronic goods exporter. We have strong determination and detailed master plan to be recognized as the most reliable business partner of many global brands and I am confident about our product quality. As a technology leadership, we are continuously investing and ready to invest more to secure global leadership in terms of technologies, quality as well as design.”
Walton's Korean Chief Technical Officer E M Yang who has 36 years experience in electronics sector, said, "The international standard Walton products are suitable for any customer in any country across the world. Walton has its own R&D (Research and Development) department where talented engineers from home and abroad are constantly researching to produce world-class innovative design products. Walton products are being manufactured using the world's most advanced technologies and machineries and in every step of production quality control is strictly maintained. As a result, Walton is ready to deliver reliable products according to the consumers' demand in the international market.
Edward Kim said, “We are very happy to have such a remarkable brand like Hyundai as our sustainable business partner. We will do our best to satisfy our business partners with our differentiated product design and quality. And globally, Walton has already started working with more than 12 leading brands from Europe, America, India, Middle East and African countries. On top of that, we will continue to drive Walton brand business presence globally in more aggressive way with confidence.”
Abdur Rouf, senior additional director of Walton Group said: “The 'Made in Bangladesh' labeled Walton products are being exported to more than 30 countries around the world. Besides refrigerators and air conditioners, we have plans to go for exports of televisions, washing machines and other home appliances in Indian market through Hyundai step by step.”
Prior to signing the contact, Hyundai officials visited various production units of Walton Industries Ltd including refrigerator, compressor, glass-door, air conditioner. They were amazed to see the advancement of Bangladesh in manufacturing hi-tech products with the state-of-the art technology and world's latest machineries.