Dhaka, Bangladesh (BBN)-PM Group, a front line corporate house of Thailand, signed a deal with Meghna Group of Bangladesh to invest $150 million for establishing a Biaxially Oriented Polypropylene (BOPP) factory.
The PM Group will invest the amount in phases for setting up the manufacturing plant in Bangladesh, said a press statement of the Ministry of Foreign Affairs in Dhaka.
Meghna Group Chairman Mostafa Kamal and Chief Executive of the PM Group Chalermchai Mahagitsiri singed the Memorandum of Understanding (MoU) on behalf of their respective country.
The joint venture is the outcome of the proactive measures taken by Saida Muna Tasneem, the ambassador of Bangladesh to Thailand and Cambodia.
She has been working relentlessly to attract Thai foreign direct investment FDI in Bangladesh, the statement added.
Ms Tasneem was present at the signing ceremony.
Earlier, Bangladesh embassy organised an investment trip for a delegation of PM Group’s sister Concern Thai Film Industry to Bangladesh in December.
The tour has helped the delegation to finalise its joint venture with the Meghna Group.
BBN/ASI/AD-5Feb15-4:10pm (BST)