Sunday, 14 August, 2022

MoU signed to set up ingot factory at Bangabandhu Shilpa Nagar

  • Staff Correspondent
  • 29 June, 2022 12:00 AM
  • Print news

CHATTOGRAM: A memorandum of understanding (MoU) was signed between Star Allied Ventures Ltd and Japan Metal Company Limited to develop a first-ever aluminum and copper ingot manufacturing factory at Bangabandhu Sheikh Mujib Shilpa Nagar in Mirsarai.

The signing ceremony was held at Bangabandhu Conference Hall of World Trade Centre in the port city on Tuesday.

Addressing the signing ceremony, Chittagong Chamber of Commerce and Industry (CCCI) President Mahbubul Alam said since the signing of MoU with JETRO and JBCCI, Chittagong Chamber has been taking various initiatives to increase investment between Japan and Bangladesh.

The chamber president also hoped that the new joint venture will launch the factory within the next one year.

Japan Metal Company Limited President Jun Mizutani said, “I heard that Bangladesh is an attractive place for investment. I am also amazed at the way Bangladesh has maintained its development progress, especially during the corona situation.”

“So, this time, I personally visited Chittagong Port and Star Allied Venture Ltd's 50 acres of land in Bangabandhu Sheikh Mujib Shilpa Nagar and decided for joint investment with them,” he said.

“I am very optimistic about the investment potential in Bangladesh and will inspire my business and investor friends in Japan to invest in this country,” he added.

Star Allied Ventures Ltd Chairman Abdul Matlub Ahmed said that Japan exports aluminum and copper ingots all over the world.

“Their quality is appreciated across the globe. I think the ingots that will be made in Bangladesh through the joint venture with Japan Metal Company will

have the potentials to be marketed in Bangladesh and exported all over the world,” he said.

Star Allied Ventures Ltd Chairman Abdul Matlub, Vice Chairman Mahbubul Alam, Director Nader Khan, GPH Steel Additional Managing Director Almas Shimul on behalf of its managing director and Japan Metal Company Ltd President Jun Mizutani, Director Anwarzeb Chowdhury and Director Masaki Fukuhara signed the MoU.

Mentionable, currently, most of the aluminum and copper ingots have to be imported to meet the demandin Bangladesh. Through the investment, these products will be manufactured in Bangladesh by importing raw materials from Japan and will be marketed in the domestic and international markets.

So,in addition to the import options, this investment will bring valuable foreign currencies for the country through exports, said insiders.