Pran Group has kicked off manufacturing the grooming products of Procter & Gamble (P&G), the biggest fast-moving consumer goods company in the world.
Initially, Pran, one of the largest conglomerates in Bangladesh, started producing Gillette Guard Razor at its plant in the Habiganj Industrial Park on Sunday.
Pran has set a target of manufacturing 7.5 million pieces of razor annually.
Its officials said this contract manufacturing site will be operated by Advance Personal Care Limited, a sister concern of the group, which will undertake the manufacturing of P&G branded products in Bangladesh.
Pran and P&G have jointly invested a $1 million in the new venture.
With a 10.74% share, P&G leads the global market in grooming products.
Last year the American company reported net sales of $71 billion worldwide.
Market insiders said Bangladesh is a growing market for grooming products.
The market size of Bangladesh's skincare products was $1.23 billion in 2020 and is expected to rise to $2.12 billion by 2027. Around 60% share is held by local companies.
The key players in the grooming products market include Unilever, Kohinoor Chemical, Square, Keya, Tasmia Cosmetics and Toiletries, Mousumi Industries, and Marico.
Salman F Rahman, private industry and investment advisor to the prime minister, inaugurated the manufacturing of P&G products.
He said that the government's economic policy is to really develop the private sector.
"I am very happy about P&G's investment in Bangladesh, and hope it sends a very strong signal not only to other US companies but all over the world. That's because of P&G's size, reputation, and position as a successful global company."
Virtually addressing the event, US Ambassador Earl R Millar said, "Today marks a new day in the history of the United States and Bangladesh's economic cooperation as P&G joins other US firms and is grasping massive potentials Bangladesh has as a major manufacturing base."
Md Sirazul Islam, executive chairman of Bangladesh Investment Development Authority (Bida), said, "I hope this initiative will translate to the creation of value and employment for Bangladeshi men and women."
Madhusudan Gopalan, chief executive officer (CEO) of P&G South Asia, said, "Our portfolio of superior products has been touching and improving the lives of consumers in Bangladesh since 1994. This arrangement with Pran to set up local contract manufacturing will enable us to serve our consumers further.
"It also builds on our commitment to investing in Bangladesh, which will contribute towards advancing the country's social and economic development by creating employment and partnering opportunities."
Ahsan Khan Chowdhury, chairman and CEO at PRAN-RFL Group said, "We are proud to be P&G's partner in manufacturing superior products for Bangladeshi consumers."