Rangs Electronics Limited is going to manufacture electronic products at Sylhet's Bangabandhu Sheikh Mujib Hi-Tech park. The company plans to invest $80 million in the park.
The Bangladesh Hi-Tech Park Authority and Rangs Electronics Limited signed an agreement at the capital's Pan Pacific Sonargaon Hotel on Sunday for the allotment of land at the Hi-Tech Park in Sylhet.
Under the agreement, the Bangladesh Hi-Tech Park Authority allotted 32 acres of land at Bangabandhu Sheikh Mujib Hi-Tech Park Sylhet to Rangs Electronic Limited.
Hosne Ara Begum NDC, managing director (secretary) of the Bangladesh Hi-Tech Park authority, and J Ekram Hossain, managing director of Rangs Electronics, signed the agreement on behalf of their respective organisations.
State Minister for Information and Communication Technology Junaid Ahmed Palak was present as the chief guest at the occasion.
The state minister said, "So far, 20 companies have been allotted 74.06 acres of land and 16,500 square feet of space in the Bangabandhu Sheikh Mujib Hi-Tech Park. The companies have promised to start their operations there soon. According to the targets of the companies, we expect about 50,000 people to be employed here."
"Rangs Electronics will set up five separate factories in the park – for refrigerators, televisions, air conditioners, home and kitchen appliances, and molding – in the next three years. This will directly and indirectly create employment opportunities for 5,000 people in Rangs Electronics Limited alone," he added.
He further said, "If they work in the hi-tech park, they will get 148 types of services through a one-stop service, with 14 incentives. The ICT department will always be by the side if any help outside on this is needed."
Ekram Hossain, MD of Rangs Electronics, said, "Rangs has been running the business of electronics products of brands like Sony, Kelvinator, Fuji etc, with a good reputation and success for over 35 years. We have set a target of producing 10 lakh refrigerators, five lakh televisions, two lakh air conditioners, and 1.5 lakh home and kitchen appliances every year in Sylhet."
"We want to produce high-tech products under Consumer Electronics in the future," he added.
Junaid Ahmed Palak also said, "Many more local and foreign companies are showing their interest in investing in the park as there is huge potential to enter the market of India's Seven Sisters from this park in Sylhet. That is why we are taking initiative to acquire another 640 acres of land in the vicinity of the park. Of this, 85 acres are under processing."