Billion 10, EB Solutions secure $280m Chinese investment
FE REPORT | Thursday, 11 July 2024
During Prime Minister Sheikh Hasina's official visit to China, Billion 10 Communications Limited and EB Solutions Limited signed six agreements, securing US$280 million in investment for Bangladesh.
These investments target sectors like electric vehicles (EV) and renewable energy, strengthening economic ties between the two nations.
In the presence of Prime Minister Sheikh Hasina, Rafiur Rahman Khan Yousufzai Sunny, managing director of both companies, signed the agreements with leading Chinese business groups.
These collaborations include the manufacturing of electric vehicles with CHTC (HengYang) Intelligent EV Co. Ltd and the establishment of a solar park in Sylhet with Ningbo SunEast Solar Co. Ltd.
Other key agreements involve investments in the renewable energy sector with HeSheng (Hoshine) Silicon Industry Co. Ltd and in the waste lubricant oil refining industry with Zhongke Guorui (Zhuhai) New Material Technology Co. Ltd.
EB Solutions Limited will partner with Hongji Intelligent Transport Co. Ltd on the Dhaka City Mobike Project and with Ningbo Sharing New Energy Technology Co. Ltd on smart cold chain logistics solutions.
Rafiur Rahman Khan Yousufzai Sunny told The Financial Express that his companies will manufacture electric buses, private cars and other vehicles in Bangladesh.
He called the agreements "significant" and expressed belief that these projects will benefit both economies and contribute to resource development.
The Chinese side is eager to invest in Bangladesh and that all promised investments will materialise, he added.
A total of 16 Memoranda of Understanding (MoUs) were signed on July 9 in Beijing in the presence of Prime Minister Sheikh Hasina.
The prime minister's four-day visit to China, which began on July 8, included a 91-member delegation featuring key business leaders like Rafiur Rahman Khan Yousufzai Sunny.
Billion10 Communications Limited, a concern of the EBS Group, was founded in 2019 to focus on advanced IT and telecommunication services.
Powered by its own research and development (R&D) and global partner ecosystems, Billion10 Communications offers a range of services in enterprise automation, fintech, health-tech, IoT and garment sectors.
In addition to world-class solutions, Billion10 also has a devices division that develops cost-effective mobile devices and gadgets to bridge the digital divide in developing nations.