American market vital for us to become a global brand, says Golam Murshed, the managing director of Walton Hi-Tech Industries
After dominating the local electronics industry, Walton Hi-Tech Industries is now eyeing the global market, starting with the United States.
"We have taken many initiatives in coming up with a roadmap that would highlight Bangladesh as the home of one of the top global electronic brands,” said Golam Murshed, the managing director of Walton Hi-Tech Industries.
“And for that, the American market is vital,” he added.
The company plans to invest $500,000 in Walton Corporation United States of America in this regard, but the investment is subject to approval by the Bangladesh Bank.
Walton will also set up branches or liaison offices in six countries, including India, Nepal, the UAE and South Korea.
Walton Corporation United States of America will provide imports, exports and procurement services in North America, according to a post made by the company on the Dhaka Stock Exchange (DSE) website.
The company also plans to apply for the enhancement of the foreign currency limit to operate the proposed foreign branches or liaison offices.
According to an official of Walton, the brand has incubated an International Business Unit (IBU) that caters to the export of local electronic products to the global marketplace. It also explores new marketplaces for the brand.
The leading conglomerate of Bangladesh, founded in 1997, currently exports locally made electronic products to over 40 countries worldwide, mainly in the Middle-East and African market, including some European nations such as Germany and Romania.
The brand originally started by producing motorcycles and refrigerators and currently holds over a 66% share of the local refrigerator market, around 50% of the television market, and approximately 33% of the air conditioner market.
Walton also began producing lifts and all-in-one desktops at half the price of imported ones.
The brand has more than 350 sales points called Walton Plaza and over 25,000 dealers across the country.
The brand also produces electronic products for other global brands that cannot be disclosed due to the nature of agreements with them.