Senior Correspondent bdnews24.com
Published: 2019-01-03 18:14:33 BdST
The Bangladesh subsidiary of Sakata Inx (India) signed a land lease agreement with Meghna Industrial Economic Zone on Thursday for setting up the factory in Sonargaon.
The company will manufacture liquid inks which will be used by the flexible packaging industry in Bangladesh. This will cater to the needs of fast moving consumer goods companies in Bangladesh.
Sakata said the company is committed to ensuring that international quality inks are available as inputs for converters at lower costs.
This would lead to import substitution for Bangladesh. “The company will offer superior technology and quality with a focus on manufacturing and reliable technical services,” the company said.
The Indian High Commission in Dhaka said this would lead to an initial investment of $10 million into Bangladesh by Sakata and will help generate around 100 jobs.
“Indian investments in Bangladesh in the pipeline have increased from $3 billion to $10 billion.”
India is also setting up three economic zones in Bangladesh -- in Mongla, Bheramara and Mirsarai -- to facilitate greater Indian investments in the country.
Chairman of the Bangladesh Economic Zones Authority Paban Chowdhury, during the signing, said he expected the Mongla zone to be operational by 2020.
Indian High Commissioner Harsh Vardhan Shringla, Meghna Group Chairman Mostafa Kamal and Sakata India Managing Director VK Seth were also present during the signing.
Sakata, as a group, is a global ink manufacturer established in Japan in 1986.
The Sakata Bangladesh as owned by Indian group was established in November 2017.