Cars of globally renowned brand Hyundai will be manufactured in Bangladesh.
Fair Technology Ltd, the local distributor of Hyundai Motor Company, will set up a designated factory at the hi-tech park of Kaliakair in Gazipur, to execute the plan.
The company signed an agreement with Bangladesh Hi-Tech Park Authority in this regard at a hotel in Dhaka on Tuesday , in presence of ICT State Minister Junayed Ahmed Polok, said a press release.
Hosne Ara Begum, managing director (secretary) of Bangladesh Hi-Tech Park Authority, and Ruhul Alam Al Mahbub, managing director of Fair Technology, signed the deal on behalf of their respective organisations.
State Minister Palak described the initiative as a milestone for Bangladesh.
"It will dignify Bangladesh at the global stage. At the same time, it will significantly contribute to country's economy as well as communication and employment sectors," he said.
Bangladesh Hi-Tech Authority's Managing Director Hosne Ara Begum expressed optimism over foreign investment ensued from the initiative.
"If cars of globally renowned brands like Hyundai are manufactured in local hi-tech park, it will attract more foreign investment," she said.
Fair Technology MD Ruhul Alam Al Mahbub said the company took the initiative to implement Digital Bangladesh as dreamt by Prime Minister Sheikh Hasina.
"We will ensure that Bangladeshis avail world class vehicles of Hyundai at reasonable price," he added.
The Hyundai Motor Company, commonly known as Hyundai Motors, is a South Korean multinational automotive manufacturer headquartered in Seoul.