Gold sector is an informal sector which is stepping into a formal sector with the foundation stone laying of jewellery manufacturing factory in Bangladesh. The investment that the sector is fetching today will flourish the country’s export diversification.
Bangladesh Investment Development Authority (BIDA) Sirajul Islam said this while speaking at a foundation stone laying ceremony at Madanpur, Narayanganj on Thursday. Nitol-Niloy Group has brought India's famous jewellery brand Malabar Gold and Diamond.
He also said, “This investment will not only help export gold after meeting the domestic demand but also bring latest technology which will make our goldsmith skilled and create new employment opportunity. And soon the country will be a gold exporting hub.”
“As part of the government decision to diversify the export sector, this is another positive aspect to our work. This investment will make our gold artisan happy as they will have a better opportunity. They will be able to make world class gold jewellery,” said the BIDA chairman.
“USD 25 million worth of gold will be exported from the country in the first year
“After establishing jewelry factory of Malabar Gold and Diamond in association with Nitol-Niloy Group, there will be USD 25 million investments which will be increased to USD 100 million in the next three years,” said Nitol-Niloy Group Chairman Md. Abdul Matlub Ahmed.
He said, “Export incentive and continuous nursing of the sector can make the gold sector a reliable export sector after RMG in the country. When dollar, fuel and other crisis is taking toll in many countries including Bangladesh, establishing jewellery factory in the country is undoubtedly a milestone for us.”
Managing director and CEO of Trust Bank Himaira Azam, vice chairman of Nitol-Niloy Group Abdul Marib Ahmed, Malabar Gold and Diamond managing director (International Operations) Shamlal Ahmed, Finance Director Ameer CMC was present among others in the program.
