Photo: Collected-
Metropolis Desk-
Nine international companies have expressed interest in spending around Tk6,250 crore in Bangladesh to produce farm machinery, a step that will promote economic development and agricultural modernization.
The investment amounts from four Chinese corporations are 700, 1,200, 1,000, and 600 crores respectively. A Taiwanese company wants to invest Tk400 crore, while two Japanese businesses plan to contribute Tk800 crore and Tk350 crore, and two Korean businesses Tk550 crore and Tk650 crore.
Eight of the nine businesses intend to export goods to other nations while also supplying equipment and components to Bangladesh. While the remaining four enterprises intend to set up plants around the capital, five of the companies have requested space allocation in various economic zones.
The majority of foreigners control Bangladesh’s Tk11,000 crore yearly market for agricultural machinery and spares, resulting in a substantial annual outlay of foreign currency.
However, a few nearby businesses produce a minor amount of agricultural equipment. Although foreign businesses are making investments in the nation’s agricultural machinery industry, the amount of investment is insufficient to satisfy local demand.
Experts think that domestic production of agricultural machinery would considerably boost the agricultural sector and lower taxes and VAT.
