RFL to invest Tk 2b to boost plastic goods exports

RFL Group, a leading business conglomerate, is set to invest about Tk 2.0 billion to expand its plastic household goods in the global market and enhance export opportunities.

The investment will be allocated for purchasing machinery and construction of factory buildings. This funding will come from both RFL's own resources and bank loans, says a statement.

To facilitate import of advanced machinery from China, RFL Group signed an agreement with China's Haitian Group at a hotel in Dhaka on Sunday.

R N Paul, Managing Director of RFL Group; and Xiang Linfa, Vice-President of Haitian Group; signed the agreement. Toukirul Islam, Deputy Managing Director of Durable Plastic Limited, Prodip Kumar Poddar, Deputy Managing Director of Rangpur Metal Industries Limited; and Li Hufeng, General Manager (Sales) of Haitian Group, were present at the signing ceremony.

R N Paul said the current investment climate in Bangladesh faces various challenges, leading to a slowdown in private sector investments.

Despite these adversities, RFL has taken the initiative to establish a new factory, sending a positive signal for the country's economy, he said.

This project will be implemented quickly and will make a significant contribution to the country's export sector, he added.

He further mentioned that production activities are scheduled to commence by May this year, creating employment opportunities for approximately 2,500 people. This investment is expected to drive RFL's annual export growth by around 30 per cent.

Xiang Linfa, Vice-President of Haitian Group, said, "This order is not just about numbers; it signifies progress, efficiency, and sustainability in manufacturing. Haitian is honoured to be a part of PRAN-RFL's journey and to contribute to your continued success."

Currently, RFL's products are being regularly exported to 80 countries.

The establishment of this new export-oriented factory will further expand RFL's global reach and play a crucial role in strengthening foreign currency reserves. New export orders have already begun arriving for this facility, with one buyer placing an order worth about $6.0 million.