Local Refrigerator Industry Shifts Focus to Global Market

Singer Bangladesh has opened a new home appliances plant in the Bangladesh Special Economic Zone (BSEZ) in Araihazar, Narayanganj, as part of its expansion strategy to boost local manufacturing. The project, approved by the board on March 30, 2022, involved an investment of Tk 603.89 crore, with Tk 580.33 crore allocated for machinery and plant construction.

Bangladesh's electronics sector faces challenges due to inflation, currency devaluation, and reduced consumer spending. An 11% taka devaluation increased import costs, impacting prices. Consumer uncertainty, political unrest, and LC issues disrupted supply chains.

Singer Bangladesh has begun commercial production at its new plant in the Bangladesh Special Economic Zone (BSEZ) in Araihazar, Narayanganj, following a $78 million investment from Arcelik. The facility, covering 35 acres, will locally manufacture over 90% of components, reducing import dependence.

The National Board of Revenue (NBR) has doubled the corporate income tax rate to 20 percent for manufacturers of freezers, refrigerators, motorcycles, air conditioners, and compressors, starting from the fiscal year 2025-26. According to a notification issued today, these revised tax rates will be in effect until June 30, 2032.

Walton secured orders worth Tk 350 crore from local and international companies during the "Advanced Technology Solution (ATS) Expo 2024," Bangladesh's premier industrial expo, held at the International Convention City Bashundhara in Purbachal.

On November 24, 2024, Walton Hi-Tech Industries PLC and City Bank PLC signed a green banking agreement to offer a range of preferential banking services to Walton’s employees. The agreement, signed at Walton's corporate office, includes services such as payroll receipt, debit and credit card facilities, and personal, car, or home loan options.