TIC Group, an Australia-based multinational company, inaugurated its new factory at Meghna Industrial Economic Zone in Narayanganj on Monday to produce plastic hangers for the garment sector.
The TIC Manufacturing (Bangladesh) Ltd, stretching over 14,000-square-metre area, has created employment opportunities for 1500 people, and the figure will increase to 5,000 in the future.
Salman F Rahman, private industry and investment adviser to the Prime Minister, attended the opening ceremony on the factory premises as the chief guest.
Australian High Commissioner to Bangladesh Julia Niblett, Executive Member of Bangladesh Economic Zones Authority (BEZA) Md Harunur Rashid, Managing Director and Chairman of Meghna Group of industries Mostafa Kamal, and President of Metropolitan Chamber of Commerce and Industry, Dhaka (MCCI) Nihad Kabir were also present.
TIC Group Director Mark Gandur presided over the occasion.
Speaking on the occasion, Salman F Rahman said the country's economic growth in coming years will largely depend on the success of the private sector.
The investment of an Australian company in a privately-operated economic zone is an example of the success, he said.
Underscoring the need for the best use of the country's land, he said the government is developing economic zones (EZs) in various parts of the country.
Australian envoy Julia Niblett said the world class factory established with an investment of US $5.0 million will maintain the Australian safety standards.
"This is the largest manufacturing unit in Bangladesh with Australian investment," she said.
BEZA Executive Member Harunur Rashid said the Meghna Industrial Economic Zone has set an example as this economic zone was developed within two and a half years.
The success is also a pride for the Bangladesh Economic Zones Authority, he added.
TIC Group Director Mark Gandur, who presided over the event, said TIC, a concern of Australian Pact Group, is operating in 15 locations across the globe to supply plastic hangers for apparel makers.
The company has been able to start operations within 12 months of the start of the factory construction work, he added.
After the inauguration, the guests went round different sections of the factory.
Owned by Meghna Group, the Meghna Industrial Economic Zone is located beside Dhaka-Chittagong Highway, stretching over 110 acres of land in Sonargaon upazila of Narayanganj.
The government is developing 100 economic zones with a view to building the country as a developed one through creating employments through industrialisation.
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