Walton Group, a local electronic giant, has recently set foot in Turkey by exporting 'made in Bangladesh' compressors for refrigerators.
To this end, Walton Compressor, a subsidiary of Walton Group, signed an agreement with Karg? So?utma & Is?tma Ltd, a Turkish electronic product manufacturer and supplier.
Under the agreement, Walton will export 15,000 units of compressors to Turkey, a prominent business hub in the Eurasia region.
Now Walton has a yearly-production capacity of around 4.0 million compressors, but the company has planned to increase it to 10 million by 2025, said Walton Compressor CEO Meer Muzahedin Islam.
"We aim to export 1.0 million units of compressors to some African and Middle Eastern countries and Turkey by 2021," he told the FE.
After successfully meeting local demand, he said, the company now aims to grab the international market by setting a target to export 5.0 million units of high quality compressors by 2025.
On July 7, through a virtual ceremony at the corporate headquarters of Walton in the capital, Commerce Minister Tipu Munshi inaugurated the local brand's first shipment of compressors to Karg? of Turkey.
Kargi, which imports, exports and distributes hi-tech spare parts for domestic and industrial products throughout Turkey and also abroad, especially in Europe, can be a doorway for Walton to enter the European market, Mr Islam hoped.
He said Walton has now presence in over 35 countries around the world while the company has been extensively exploring export potential in African nations.
He also noted that Bangladesh is the eight largest compressor manufacturing company in Asia and 15th largest in the world.
The company is also developing another state-of-the-art compressor series in its research and development (R&D) facility to tap future export opportunities around the world.
Walton is one of the pioneer manufacturers of refrigerator, air conditioner, LED television, home and electrical appliances, elevator (lift) and compressor in Bangladesh.
Walton Hi-Tech Industries Limited, a sister concern of Walton Group, will also offload shares in the country's stock market as subscription of its initial public offering (IPO) will begin on August 9 and continue until August 16.
The company aims to raise Tk 1.0 billion from the capital market through the book building method.
Out of Tk 1.0 billion, Tk 609.6 million will be collected from eligible investors, and the remaining Tk 390.4 million from general investors.
ahb_mcj2009@yahoo.com
