South Korean multinational automotive manufacturer Hyundai Motor Company is going to set up a car manufacturing plant in Bangladesh through its sole distributor Fair Technology Limited.
As part of this plan, Fair Technology Limited signed an agreement with the Bangladesh Hi-Tech Park Authority for allotment of land at a hotel in Dhaka on Wednesday, reports BSS.
Bangladesh Hi-Tech Park Authority Managing Director (Secretary) Hosne Ara Begum and Managing Director of Fair Technology Ruhul Alam Al Mahbub signed the agreement on behalf of their respective organisations.
State Minister for Information and Communication Technology (ICT) Division Zunaid Ahmed Palak was present as the chief guest at the ceremony. Senior Secretary of the ICT Division N M Zeaul Alam and Ambassador of the Republic of Korea LEE Jang-keun, Fair Technology Director Mutassim Daiaan, among others, were present on the occasion.
Hyundai car manufacturing plant will be set up on six acres of land at Kaliakair in Gazipur with the investment of Fair Technology and technical assistance from Hyundai Motor Company.
Initially, Hyundai plans to produce the most popular car sedans, SUVs, and MPVs of recent models.
The factory is being set up in line with the policy of the government of Bangladesh to increase localisation, create employment, and increase the number of skilled workers in the country.