Dhaka, Bangladesh (BBN)- Korean LG Electronics is likely to invest US $500 million for establishing a new factory in Bangladesh to manufacture LCD television, refrigerator, air-conditioner and other home appliances.
A delegation of LG Electronics, headed by its vice president of Home Appliance Business Strategy Junhwan Kim, made the proposal when they met Industries Minister Dilip Barua at his office at Motijheel in the capital Dhaka on Thursday.
The minister said the company is interested to establish the factory at Valuka in Mymensingh that will create employment for about 5,000 people.
Bangladesh is a unique place for investment in South-East Asia, the minister told the team, adding that the government is setting up specialized industrial zones (SEZs) for attracting foreign investment in the country.
The LG delegation requested the minister to allocate 100 acres of land in one of the proposed SEZs, so that the company can establish a large-scale manufacturing unit in future.
Butterfly Marketing Ltd director Mostafizur Rahman and LG Electronics manager Nathan Park, business manager of Singapore office Allan Kim and managing director of Dhaka office Jhung, among others, were present in the meeting.
BBN/SSR/AD-16Dec11-2:17 am (BST)