Pragyan Kumar Asian Paints is looking to further strengthen its position in the Bangladesh market by providing the best quality products and services, as the paint maker sees the local economy as having high potential.
Strong research and development, along with Asian Paints' innovations, would play a vital role in achieving this, said the global chief of the multinational company in an exclusive interview with The Financial Express recently.
"Our approach is to provide the best products and services, and to facilitate the consumer decision-making process in the best possible way," said Pragyan Kumar, global chief executive officer (CEO) of Asian Paints International Pvt Ltd.
The local operation of the multinational company has a strong focus on innovation that benefits not only customers in Bangladesh but also in other countries where Asian Paints operates, Mr Kumar said.
"Innovation is an engine that we believe in," Mr Kumar, a graduate of Electrical Engineering from the Indian Institute of Technology (IIT) Delhi, said. "We believe that some of these technologies will also become popular and be adopted in different parts of the world."
A state-of-the-art factory in Bangabandhu Sheikh Mujib Shilpa Nagar, Mirsharai, is the latest major infrastructure development by Asian Paints' local operations. It has been playing a vital role in their success.
"We have made a significant investment in Mirsarai," Mr Kumar said. "The new factory is actually one of the most modern plants in the entire Asian Paints network."
"It has the capability of producing both state-of-the-art emulsions, which are the backbone of paint, as well as making fantastic paint itself," Mr Kumar added. He went on to say that the factory has a high degree of automation, skilled people and uses modern methods of operation.
"We are also experimenting with a lot more new technologies," said the global CEO of Asian Paints, which operates in 16 countries with 26 manufacturing facilities, serving consumers in over 60 countries.
Asian Paints' Bangladesh operation has created over 600 direct jobs. It currently holds the second position in the local market, estimated at Tk 5,000-6,000 crore, which is growing at a compound annual growth rate (CAGR) of around 13 per cent.
The growth of the local decorative and industrial paint and coatings market is healthy and is expected to continue, said Mr Kumar. He acknowledged that there would be fluctuations due to different factors.
Mr Kumar said the challenges of doing business in Bangladesh are common to many locations. These include economic fluctuations, slack demand and currency depreciation.
Mr Kumar, who was visiting Bangladesh for the ColourNext event, said the programme has been running for more than two decades, starting in India in the early 2000s. It intends to collaborate with professionals like architects and interior designers to understand the impact of colour.
"We have expanded ColourNext across the subcontinent, now working with architects in Nepal and Bangladesh," he said.
Colour choices are influenced by various factors related to an individual's region, Mr Kumar said. Bangladeshi customers can be broadly categorised into two segments: those who are very discerning and those who are passionate about different aspects of their lives and homes.
He said Asian Paints' Terra colour line-up has been named the Colour of the Year 2024 for Bangladesh. "The theme of Terra, which is inspired by earth and soil, reflects a local, sustainable mindset and a connection to the environment."
Regarding a potential local stock market listing, Mr Kumar said it is a possibility for the future. "Currently, we are focused on investment from our parent company and funding our growth internally," he said.
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