Business

Japan Metal Company to invest in Bangabandhu Industrial City


Published : 29 Jun 2022 08:07 PM

Japan Metal Company is investing in Mirsarai Bangabandhu Sheikh Mujib Industrial City, the country's largest economic zone.  

A memorandum of understanding has been signed between the domestic Star Allied Ventures Limited and Japan Metal Company Limited. Under the MoU, the two companies will set up a Japanese-style industrial factory to produce the first aluminium ingot and copper ingot in Bangladesh with a joint venture on 50 acres of land at Bangabandhu Sheikh Mujib Industrial City in Mirsarai.

 The agreement was signed at the Chattogram Chamber office of the World Trade Center on Tuesday afternoon. At present Bangladesh has to import aluminium ingots and copper ingots to meet the demand.  These products will be manufactured in Bangladesh by importing raw materials from Japan through this investment.

  These products will be marketed in domestic and international markets.  In addition to import options, this investment will generate valuable foreign exchange through exports.

 The Japanese investors visited the CCCI-Japan desk set up jointly by Chittagong Chamber, JETRO and JBCCI before the signing ceremony of the MoU.  In addition, the Chattogram Chamber's initiative Bangladesh Center of Excellence (BCE) presented a data on investment prospects in Bangladesh for investors.

Chattogram Chamber President MahbubulAlam said the Chattogram Chamber has been taking various initiatives to increase investment between Japan and Bangladesh since the signing of the MoU with JETRO and JBCCI.  He then thanked the Japanese investors for their interest in investing in MirsaraiBangabandhu Sheikh Mujib Industrial City.  He also hoped that the new joint venture would open a factory in the next one year.

 Jun Mizutani, President of Japan Metal Company Limited, said thatI heardBangladesh is an attractive place to invest. I am amazed at the way Bangladesh has maintained its development progress, especially in the Corona situation.  So this time I personally visited Chittagong Port and Star Allied Venture Limited's 50 acres of land in Bangabandhu Sheikh Mujib Industrial City in Mirsarai and decided to make this joint venture with them.

 Abdul Matlub Ahmad, Chairman of Star Allied Ventures Limited, said that Japan exports aluminum ingots and copper ingots all over the world.  Their quality is appreciated all over the world.  I think the aluminum ingot and copper ingot that will be made in Bangladesh in a joint venture with Japan Metal Company will have the potential to be marketed in Bangladesh as well as exported all over the world.

Abdul Matlub Ahmad (NitolNiloy Group) on behalf of Star Allied Ventures Limited, MahbubulAlam (Vice President of Chittagong Chamber), Director Nader Khan (Pedrolo NK Ltd.), GPH Ispat Additional Managing Director Almas Shimul on behalf of GPH Ispat Managing Director Md. Jahangir Alam, memorandum of Understanding was signed by President Jun Mizutani, Director Anwarzeb Chowdhury and Director Masaki Fukuhara on behalf of Japan Metal Company Limited.