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|Friday, April 13, 2001, updated at 08:21(GMT+8)|
Hayes, Haier Appliances Company Ltd. Launched in BangladeshHayes and Haier Appliances Company Ltd., an industrial venture of Bangladesh's Hayes group with China 's Haier group of companies, was launched Thursday in Dhaka.
Inaugurating the Bangladesh-China joint venture company, Zhang Ruimin, chairman of board of directors of the Haier group, termed the launching of the appliance company ltd. as "the good beginning " of the cooperation between Bangladesh and the Haier group.
Zhang Ruimin said that the joint venture company will offer more goods of a well-know brand to the people of Bangladesh. He expressed the hope that the brand of the Haier group "will became the best one in Bangladeshi market."
Addressing the inaugural ceremony, Industrial Minister Tofail Ahmed pointed out that the industrial policy formulated by the present government of Bangladesh "encouraged foreign direct investment into the country significantly."
He urged the Chinese entrepreneurs to set up an industrial park in the country "taking all the available services and privileges extended by government of Bangladesh."
State Minister for Rural Development and Cooperatives Rahmat Ali and Chinese ambassador to Bangladesh Hu Qianwen were also present at the ceremony.
Fifteen members of the Haier group led by Zhang Ruimin arrived here on Wednesday.
The Hayes and Haier Appliances Company Ltd, set up in the Nogopara area of the capital, will produce high-performance home appliances including air-conditioners, refrigerators and washing machines.
Over 4,000 people would be employed in production, sales and marketing of the export-oriented home appliances company, the first of this kind in the country.
According to the joint venture agreement signed in September, 2000, 60 percent of company's yearly production will be targeted for local markets to meet the domestic demands while the rest would be exported to other countries.
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