'We are inaugurating this latest Samsung air conditioner manufacturing plant to fulfill our customer demand within their affordability'
After smart TVs, South Korean home appliance and electronics giant Samsung is all set to produce air conditioners (ACs), with the launching of their new production plant at Shibpur in Narsingdi on Wednesday.
ICT state minister Zunaid Ahmed Palak inaugurated the plant, which is owned by Fair Electronics, Samsung's sole authorised manufacturer of mobile phones and consumer electronics products in Bangladesh, said a press release.
As a result of local production, the domestic AC units will have a 30 per cent value addition, thus their retail prices are expected to drop 25-30 per cent, Fair Electronics officials told the media.
"The new Samsung factory will bring confidence of foreign investors especially hi-tech companies which will enhance our employment opportunities. We hope they will contribute in our export in near future," said Palak.
“We are inaugurating this latest Samsung air conditioner manufacturing plant to fulfill our customer demand within their affordability. This factory will generate employment and will bring foreign currency by exporting locally-produced ACs and other consumer electronics," said Ruhul Alam Al Mahbub, chairman of Fair Group.
He also said that at least 100,000 units of ACs were expected to be churned out of the new plant in the next five years.
Lee Jang-Keun, the Korean ambassador to Bangladesh, senior Fair Electronics officials and others were also present.
According to a market research report published last year by LankaBangla Investment, approximately 25 local and foreign companies are marketing different types of air conditioners in Bangladesh.
The market size stood at Tk 6,500 crore last year, with local companies contributing two-fifths of the market.