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The name of the famous Korean car brand ‘Hyundai’ is being added to the potential market for car manufacturing in Bangladesh. The company is taking six acres of land to establish a factory in Bangabandhu Hi-Tech City in Kaliakair, Gazipur. Construction of the factory will begin there in the next two weeks. Construction is scheduled to be completed by the middle of this year, adding cars in the first phase and entering production later. Today an agreement will be signed with the High Tech Parks Authority of Bangladesh at a hotel in the capital.
Previously, Pragati Industries, a state-owned company with technical assistance from the Mitsubishi Corporation of Japan, began manufacturing cars as required by the government. In 2015, for the first time in the country, PHP Group of Chittagong announced the addition of sedans or private cars. Two years later, they began to market cars. On this occasion, Fair Technology Limited will manufacture a personal car of the brand ‘Hyundai’. They are going to build a car in a high-tech park for the first time in the country. The company will get some tax exemption as it has a factory in Hi-Tech Park. As a result, buyers can get a personal “Hyundai” car at a relatively low price.
It is known that Fair Technology Limited, a subsidiary of the automobile-based Fair Group, was appointed as an authorized dealer of Hyundai Motor Corporation last July to provide quality new cars and after-sales service to Bangladeshi automobile customers. At the signing ceremony, Fair Group President Ruhul Alam Al Mahbub said: “We are proud to announce our new journey with Hyundai in the automotive industry. Our goal is to transfer technology, develop human resources and create new jobs in the automotive industry. We will soon establish production-oriented factories with the direct cooperation of Hyundai and the necessary political support from the government.
When asked, the managing director (secretary) of the Bangladesh High-Tech Parks Authority, Hosne Ara Begum, told Kaler Kantha on Monday: “The city of Bangabandhu Hitech, established on 355 acres of land in Kaliakair, is the first and largest high-tech park in the country; At present, places have been awarded to 42 companies. Here, the local Hyundai dealer, Fair Technology Limited, is in the process of establishing a car factory. Today an agreement will be signed with the High Technology Parks Authority. They told us they were ready to set up the factory. They will start working within the next week. They have also submitted the layout and design for this. “
According to sources, Fair Group had previously seized three acres of land in Bangabandhu Hi-Tech City. The company has plans to produce digital devices, including laptops there. Now they are taking six separate acres of land to establish a car factory. Now they will have a one-story factory. At the end of their construction they will begin to assemble the car.
The Minister of State for Information and Communications Technology, Junaid Ahmed Palak, the Ambassador of South Korea (Republic of Korea) Lee Zhang Kuen and senior officials from the Fair Group and Hi-Tech Park Authority will be present at the signing ceremony today.
According to sources from Hi-Tech Park, 14 companies have already started production in Bangabandhu Hi-Tech City. The companies are working in the park with the incorporation and production of mobile phones, optical cable, hardware, software, data center and high technology. So far, 328 million Tk have been invested in various parks in the country and some 13,000 people have been employed.
Fair Group is producing Samsung smartphones and consumer electronics in the country. This time around, the company is also entering the automobile business with Hyundai. Hyundai, one of the world’s leading Korean car brands, has gained popularity for its sophisticated design, advanced technology, long-term warranty, and elite facilities. Fair Technology, in collaboration with Hyundai, will provide a ‘Modern Premium’ car experience to Bangladeshi car customers.
The National Revenue Board (NBR) has granted a large number of tax breaks to industries for investing in high-tech parks. Even if capital goods, building materials and automobiles are imported, a duty-free service will be available. However, for this, you need to invest at least one dollar crore or around Rs 60 crore.
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